Thales brings contactless payment functionalities to Axis Bank’s Wear ‘N’ Pay wearables program
- As part of the collaboration, Thales provides security and connectivity technologies (certified Secure Element along with its antenna), embedded into the wearables by Tappy Technologies.
- The innovation offers Axis customers smooth and secure transaction, delivering an enhanced payment experience.
Thales, worldwide leader in digital security, has been a pioneer in enabling convenience and security of contactless payment to the wearable market. Today its 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.
These 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 – Thales Gemalto FlexiTag - that can be invisibly integrated into a vast range of wearable shapes and sizes. 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.
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, both globally and in India. Contactless payments have been surging across the world with MasterCard reporting over 40% growth in contactless transactions globally in the first quarter of 2020.