Axis Bank’s Wear ‘N’ Pay program brings in convenience in contactless payments at a budget friendly price point, offering a safe and secure mode of payments on the go. 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. Contactless payments are the future of payments industry in India, with MasterCard reporting over 40% growth in the first quarter of 2020.
Source: https://www.helpnetsecurity.com/2021/03/15/thales-contactless-payment/