Udayavni Special

Is Watch Banking the new future?


Team Udayavani, Mar 12, 2021, 2:01 PM IST

Banks have come a long way since making you wait endlessly in queues in front of the teller’s counter to today’s mobile application, where most banking transactions are possible with the click of a button

Smartphones allowed consumers to be able to access banking services from anywhere and just when you thought that banking could not get any simpler, smartwatches kicked in

Recently, the State Bank of India’s (SBI) and Axis Bank launched a contactless payment-enabled watch with which you can pay at shops and restaurants.

While State Bank of India (SBI) partnered with Titan Company to launch contactless payment services through watches, called Titan Pay, Axis Bank has partnered with Thales and Tappy Technologies to launch the “Wear ‘N’ Pay”, which comes in a variety of accessories like band, key chain and watch loop

Axis bank also provides fraud cover up to 100 percent of the purchase limit on the devices.

Contactless technology enables users to make card payments through near-field communication (NFC). Users can tap their watch on contactless payment point-of-sale (POS) machines without the need to swiping or inserting their debit card. Payments of up to Rs 2,000 can be made without entering a PIN in SBI and up to Rs 5,000 in Axis Bank.

While this bodes well for users, it brings with it an additional responsibility, that of keeping your device safe from hackers, thieves, and intrusive technology.

 

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