Customers can make on-the-go payments of up to Rs 5,000 without any PIN while shopping on the PoS machine.
State-owned Bank of Baroda on Monday announced the launch of the wearable line of products for small-ticket payments up to Rs 5,000 through the BoB World Wave in association with the National Payments Corporation of India (NPCI).
The BoB World is the bank’s digital banking product, and BoB World Wave is to offer customised wearable payments solutions, providing a swift and convenient way to make payments on the go.
Customers can make on-the-go payments of up to Rs 5,000 without any PIN while shopping on the PoS machine, the bank said at the announcement here.
The wearables, to be attached to gadgets and articles such as rings, watches and other such items, are expected to be available for use from the next month for the bank customers and they can place an order for the same.
The bank expects that it can garner up to 10 per cent of the small-ticket payment transactions on these devices in the next two years.
“At Bank of Baroda, it is our endeavour to accelerate digital technology and implement innovation to meet the demands of the evolving modern-age customers. The bank’s on-the-go wearable payment solution, bob World Wave, is designed to ensure convenient and seamless digital payments by our customers.
“It is anticipated that 10 per cent of the small-ticket payments will be made via wearable devices in the next two years,” Akhil Handa, chief digital officer of Bank of Baroda, said at the launch.
The bank will provide a three-month free wellness package along with a personal health coach, doctor teleconsultation and interactive video coaching.
These devices will be able to perform contactless payments of up to Rs 5,000 in all NFC-enabled PoS devices. However, contactless payments above Rs 5,000 can be done by using a PIN.
The lender will also provide a dummy plastic card (with the same card number printed as that of the wearable device along with expiry date and CVV) to enable customers to do e-commerce transactions at ease.
Nalin Bansal, chief of corporate and fintech relationships and key initiatives at NPCI, said the wearable will function on the robust RuPay network.
“This will empower customers to carry out their day-to-day transactions securely and seamlessly. With the rapid increase of acceptance infrastructure, the demand for contactless payment mechanisms is on a steady rise,” Bansal said.
This is an innovative solution, intended to perfectly deliver preventive health actions as well as easier payment transactions. Wearable technology is witnessing a tremendous interest and absorption globally, said Bank of Baroda Executive Director Ajay K Khurana.
Alongside this, the bank also concluded the ‘Green Ride- Ek Pehal Swachh Hawa ki Aur’ initiative with super-model and fitness enthusiast Milind Soman.
Soman covered the 1,400-kilometer journey from Mumbai to Delhi via Gujarat, Rajasthan and Haryana on a bicycle and on an eco-friendly electric car and also met bank employees at a few cities on the way.
He also talked about the importance of cleaner and healthier air for all living beings by educating his fans about the importance of sustainable living and the use of energy-efficient transportation.
“The Green Ride was an effort to explore and promote healthier modes of transportation.
“I hope I was able to create some more awareness about how we are polluting the air we breathe, and efforts we all can make to reduce this pollution,” Soman said, after concluding his journey in the national capital.
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