Axis bank decided to introduce an exclusive range of devices that enables the customer to initiate contactless payment.
In October, last year SBI announced its association with Titan to launch a contactless payment solution called Titan Pay.
Similar to SBI, Axis Bank declared its collaboration with Thales and Tappy Technologies.
Devices under the Axis Bank launch plan are a loop, keychain, and a wristband. SBI payment solution includes the purchase of a Titan watches to process the contactless payment solution.
Wear ‘n’ play device by Axis Bank starts at Rs 750 and ‘Titan play’ watches by SBI starts with Rs 2,995. It is necessary to link the device and the bank account of the customers to process the transaction.
The devices have an NFC chip embedded in them hence, do not contain smart-functionality.
Axis bank offers a maximum of Rs 100 cashback on the first three transactions made within 30 days from the first day. Here the customer has to spend Rs 600 or more in total.
Along with this it also offers cashback on every fifth transaction of each month with minimum spending of Rs 200.
The customer can avail of a maximum cashback of Rs 100. On the other hand, to establish a transaction, Titan pay by SBI and YONO application of the bank are linked together. .
The customer can get offers and cashback as provided by the SBI bank application.
Reserve Bank of India has formulated guidelines under which the customer has to enter PIN only in the transaction above Rs 5000.
Customers can initiate only five transactions per day without entering their PIN even if they are below Rs 5000.
As included in the RBI’s regulation these banks are accountable to compensate their respective customers with zero negligence.
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