Contactless transactions have provided a better security feature while making transactions at PoS terminals. With lower risks of card skimming or fraud, Axis Bank has extended this feature from debit cards and credit cards to other wearables. However, these devices are yet to gain popularity among the masses, let us find out if these are worth using regularly.
What is Axis Bank Wear ‘N’ Pay
Wear ‘N’ Pay is a contactless transaction method launched by Axis Bank that allows its customers to make transactions from their savings account through wearable devices like wristbands, keychains, and loops issued by the bank. The joining fee for the device is Rs. 750+ GST and the annual fee for the device is Rs. 500+ GST.
Features of Axis Bank Wear ‘N’ Pay Device
Below mentioned are the features of the device:
- Wear ‘N’ Pay devices come with a flexi-chip that allows the devices to be used as a contactless debit card. Hence, these devices are linked to your Axis Bank account and the customer can carry out transactions exactly like a debit card.
- Customers can continue using their existing debit card. Axis Bank Wear ‘N’ Pay is an additional payment device and the usage of the device is not dependent on the usage of debit card.
- The overall daily purchase limit from Wear ‘N’ Pay device is Rs. 1,00,000
- PIN is not required for transactions below Rs. 5,000 and a maximum of 5 daily transactions are allowed up to Rs. 5,000 each
- PIN is mandatory for doing transactions above Rs. 5,000 and there is no limit on the number of daily transactions
- 10% cashback up to Rs. 100 on your first three transactions within first 30 days of issuance
- Up to 20% off at 4000+ partner restaurants
How can I apply for Wear ‘N’ Pay Device
Currently, the customers can apply for the device by:
- Visiting the nearest Axis Bank branch
- Calling the bank on 1860-419-5555 or 1860-500-5555
How does Wear ‘N’ Pay Work
The customer needs to first activate the device to start using it by setting the PIN for the device and enabling the contactless usage for Wear ‘N’ Pay device. Let us know the steps to set the PIN for the device:
Steps for accessing the device via mobile banking:
Step 1: Login to your Axis Bank mobile banking app
Step 2: Select ‘Debit Cards’ under ‘Services’
Step 3: Select ‘Set/Reset PIN’ option
Step 4: Select your Wear ‘N’ Pay device number from the list and click on continue (kindly check the first 4 and last 4 digits to identify the device correctly)
Step 5: In the next step, enter the 4-digit PIN, re-enter the 4-digit PIN and enter mPIN to confirm
Once the device is activated and the PIN has been set, the final step is to enable contactless mode for your Wear ‘N’ Pay device to start transacting. Below mentioned are the steps to know how to enable the device:
Step 1: Login to your Axis Bank mobile banking app
Step 2: Select ‘Debit Cards’ under ‘Services’
Step 3: Select ‘Manage Usage’ option
Step 4: Select your Wear ‘N’ Pay device number from the list and click on continue
Step 5: Select Domestic tab for enabling contactless limit for domestic transactions and vice-versa for international transactions
Steps for accessing the device via net banking:
Step 1: Login to net banking
Step 2: Click on ‘Account > My Debit Cards’ or ‘Services > Debit Card Services’
Step 3: Select your Wear ‘N’ Pay device number from the list and click on continue
Step 4: Tap on ‘Select Debit Card PIN’ from the menu
Step 5: Now, enter the 4-digit PIN, re-enter the 4-digit PIN and expiry date as mentioned in the welcome kit
Step 6: Enter Netsecure code (OTP) received on your registered mobile address and confirm
Once the device is activated and the PIN has been set, the final step is to enable contactless mode for your Wear ‘N’ Pay device to start transacting. Below mentioned are the steps to know how to enable the device:
Step 1: Login to net banking
Step 2: Click on ‘Account > My Debit Cards’ or ‘Services > Debit Card Services’
Step 3: Select your Wear ‘N’ Pay device number from the list and click on ‘more services’ in drop-down menu
Step 4: Select ‘Manage Usage’ from the menu
Step 5: To enable domestic transactions, enable contactless mode by tapping ‘on’ under domestic section
Step 6: To enable international transactions, click on ‘yes’ under international section
Step 7: Thereafter, enable contactless usage and POS usage by clicking on ‘on’ option and click on proceed
Step 8: Enter Netsecure code (OTP) received on your registered mobile address and confirm
Also read: Axis Bank Mobile Banking
How Safe is the Wear ‘N’ Pay Device
Axis Bank Wear ‘N’ Pay is a safe and secure payment method. The bank has ensured that users of these gadgets do not pose any financial risk to users. It is quite evident from the steps taken by Axis Bank as mentioned below:
Accessible within the range of 3 centimeters
Wear ‘N’ Pay devices are safe and secure as they are only accessible within the range of 3 cms. Also, the transactions are secured by fraud liability cover up to 100% of POS limit in case of any suspicious/fraudulent transactions.
Immediate blocking of the device
If you lose the device, you have the option to block the device immediately via mobile banking, internet banking, phone banking, or visiting the branch. It helps in protecting the account against any fraudulent transactions using the lost device.
Option to disable the device temporarily
You have the option to disable the device temporarily when you do not feel the need to use the device. You get the option to simply disable the contactless mode and POS limit to prevent any unwanted transactions from taking place inadvertently.
What to do in case you lose your Wear ‘N’ Pay Device
If you lose your device, you should immediately lock the device via any of the below-mentioned channels:
Locking Wear ‘N’ Pay Device by Mobile Banking
- Login to your mobile banking app
- Go to services section
- Select debit cards
- Click on block & replace section
- Select the device you wish to block
- Confirm MPIN
Steps to Lock Wear ‘N’ Pay Device by Internet Banking
- Login to net banking account
- Go to ‘Accounts’
- Select My Debit cards
- Select the device you wish to block
- Click on block
- Confirm OTP
How to Lock Wear ‘N’ Pay Device by Phone Banking
You can call on any of the numbers mentioned below and request the banking representative to block your device:
1860-419-5555
Or
1860-500-5555
How to Lock Wear ‘N’ Pay Device by Visiting the Branch
You can visit the nearest branch of your bank and request the representative to block your device.
Note: Your transactions will be secured by fraud liability cover up to 100% of POS limit in case of any fraudulent transactions on reporting such events to Axis Bank immediately.
FAQs
Q. Is Wear ‘N’ Pay device available for non-Axis Bank account holders?
Ans. No. The device is only available for Axis Bank customers having a savings account in the bank.
Q. How long will it take for the device to reach me?
Ans. Once your complete the application successfully, it will take 7-10 days for the device to reach you.
Q. Can I accidentally be charged for a contactless transaction just by walking past a contactless terminal?
Ans. No. Contactless devices have a limited range. Your Wear ‘N’ Pay device needs to be within 3 cms from the machine to be read successfully.
Q. Can I switch off/temporarily disable payment functionality on my device?
Ans. Yes, you can disable the device when you are not using it by simply disabling contactless mode and POS limit. You can do this via mobile app/net banking/visiting your nearest branch.
Q. When will I get my activation-related cashback?
Ans. You can expect cashback to be credited to your linked Axis Bank savings account within 60 days from the month of issuance.
