Following this announcement, the companies will focus on launching a new product that will enable customers and clients to make contactless payments through the use of a smartwatch. This initiative is expected to improve the manner in which users pay, while also making the process more accessible, secure, and efficient.
Airtel Payments Bank, Noise, and Mastercard will focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the industry.
The smartwatches will be priced at approximately USD 35 (INR 2.999) and were developed in order to provide customers with the possibility to benefit from optimised Tap to Pay capabilities, as well as an overall improved payment experience. The tool was developed by Noise and enabled by Airtel Payments Bank.
Throughout this launch, customers who held savings accounts with Airtel Payments Bank will be enabled to purchase the smartwatch through the use of the Airtel Thanks App. New clients will need to open a bank account digitally on the same app in order to gain instant access and order the product. This is set to take place in a fast manner and allow the user to link the smartwatch to their savings account, as well as facilitate secure transactions of up to USD 300 (INR 25,000) per day through the use of the Tap and Pay feature.
In addition, the Tap to Pay functionality was powered by NFC chips on the Mastercard network, which is expected to simplify the payment process for customers and optimise convenience by unlocking new ways users can leverage their devices.
The Airtel Payments Bank Smart Watch is equipped with Bluetooth calling capabilities, multiple cloud-based watch faces, and sports models, as well as features like Stress Monitor and SpO2 Monitoring, which all focus on improving the tool’s utility as a comprehensive and secure solution.
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