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March 12, 2021updated 25 Mar 2021 10:55am

Contactless payment wearables get a boost: the Thales-Axis Bank partnership

By Mohamed Dabo

As new partnership has Thales providing security and connectivity technologies to Axis Bank’s Wear ‘N’ Pay Wearables Programme.

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Thales, a digital security company, has been a pioneer in enabling convenience and security of contactless payment to the wearable market.

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.

Axis 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.

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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