Bank Of Baroda Launches Wearable Products For Payments: Attach Them On Rings, Watches | No PIN Needed For These Payments
Bank of Baroda has newly announced the launch of the wearable line of products, in collaboration with the NPCI.
The wearable line of products is for small-ticket payments up to Rs 5,000.
Read on to find out all the details about this new initiative by the state-owned Bank of Baroda!
Bank Of Baroda Launches Wearable Line Of Products
This initiative has been launched through the BoB World Wave in association with the National Payments Corporation of India (NPCI). The BoB World is the digital banking product by Bank of Baroda and BoB World Wave will be offering customized wearable payments solutions.
As per Nalin Bansal, chief of corporate and fintech relationships and key initiatives at NPCI has stated that the wearable will function on the RuPay network.
Akhil Handa, the chief digital officer of Bank of Baroda, said, “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.”
He stated that 10 percent of the small-ticket payments will be made via wearable devices in the next two years.
Wearable Products By BoB: All You Need To Know!
Customers will now be able to make on-the-go payments of up to Rs 5,000 on the PoS machine, and won’t be required to put in the PIN while shopping. These devices will reportedly conduct contactless payments of up to Rs 5,000 in all NFC-enabled PoS devices. For payments beyond this amount, the PIN will be required.
The wearables will probably be available from use from the next month for the bank customers. Additionally, an order can also be placed for the same. These wearable devices will be attached to gadgets and articles such as rings, watches, and other such items.
In addition to that, a three-month free wellness package along with a personal health coach, doctor teleconsultation, and interactive video coaching will also be provided by the bank.
Customers will also be given a dummy plastic card (with the same card number printed as that of the wearable device along with expiry date and CVV) for seamless e-commerce transactions.