As new partnership has Thales providing security and connectivity technologies to Axis Bank’s Wear ‘N’ Pay Wearables Programme.
Thales, a digital security company, has been a pioneer in enabling convenience and security of contactless payment to the wearable market.
Go deeper with GlobalData
The new range of wearable contactless payment devices are easy to carry around, and blend seamlessly into the users’ daily lives with minimum intrusion.
Thales has managed to condense the technology of a contactless payment card into a tiny piece of secure payment technology. The result – Thales Gemalto FlexiTag – that can be invisibly integrated into a vast range of wearable shapes and sizes.
Enhancing the payment experience: Axis Bank gets in the game
Thales’ technologies enable Axis Bank’s wearables as a stylish and secure contactless way of payment.
The new Thales chip form factor will leverage Tappy Technologies’ holistic payment solution to Axis Bank, to further enhance customers outreach by offering innovative purchase methods.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAxis Bank customers can therefore enjoy payment bands, key fobs, or loops to process fast contactless transactions – without having to take a wallet out.
The wearable is directly linked to the customers’ bank account and functions like a debit card.
This allows purchases to be done at any merchant who accepts contactless transactions. Also, to ease accessibility, the Axis wearables can be purchased via phone banking or at Axis Bank branches.
“Contactless payments at a budget friendly price point”
Sanjeev Moghe, EVP & Head-Cards & Payments, Axis Bank said:
“With the increasing number of digital payments users, we see a huge opportunity in contactless payments, which will continue to grow, given the post pandemic situation and the need for social distancing. Contactless payments are the future of payments industry in India.
“To tap into this market, our Wear ‘N’ Pay programme brings in convenience in contactless payments at a budget friendly price point, offering a safe and secure mode of payments on the go.
“Not only are these devices contemporary looking but are also designed in a way that it becomes a part of our daily lives, thus increasing adoption of cashless transactions for everyday requirements. We are confident that the ‘Wear ‘N’ Pay’ programme would be an attractive value proposition for our customers.”
Significant growth in contactless transactions globally
With swift integration into a range of products such as watches, accessories and more, contactless technology is a part of the next innovation wave. It is at the helm of the next phase of revolution in the field of digital technologies.
There has been significant growth in adoption of contactless payments. Contactless payments have been surging across the world with Mastercard reporting over 40% growth in contactless transactions globally in the first quarter of 2020.
