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Bank of Baroda (BOB) has joined hands with National Payments Corporations of India (NPCI) to launch bob World Wave, a wearable line of products for payments, integrated with a complete health ecosystem.
A bob World Wave wearable device will allow customers to monitor their Sp02, body temperature, heart rate and blood pressure. With bob World Wave, BOB is providing an exclusive 3-months free wellness package along with a personal health coach, doctor tele-consultation and interactive video coaching.
The device will provide contactless payments of up to ₹5,000 in all NFC enabled PoS devices. Customers can do contactless payment above ₹5,000 using a PIN.
BOB 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.
Ajay K Khurana, Executive Director at Bank of Baroda said that wearable technology is witnessing a tremendous interest and absorption globally as people are increasingly adopting more convenient and cashless digital transactions.
This is an innovative solution, intended to perfectly deliver preventive health actions as well as easier payment transactions, he said. “We are delighted to partner with NPCI to offer a state-of-the-art wearable payment solution to our customers by leveraging the existing NFC based technology”, Khurana said.
Akhil Handa, Chief Digital Officer at Bank of Baroda said, “Bank of Baroda’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.”
Handa told BusinessLine that currently BOB customers’ small ticket payments daily average stood at about 50 lakh transactions. BOB has nearly 14 crore customers. He also said that the wearable devices ( Bob wave world line of products) will be priced between ₹100 to ₹ 5,000.
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI said, “We are happy to partner with Bank of Baroda to launch OnTheGo smart payment wearables on the RuPay network. This will empower customers to carry out their day-to-day transactions securely and seamlessly. This first-of-its-kind offering is enabled with cutting edge innovation and is set to redefine the way contactless transactions will be made in the future.”
With the rapid increase of acceptance infrastructure, the demand for contactless payment mechanisms is on a steady rise. The overall consumer sentiment is in favour of wearables’ permanence in the payments industry, Bansal said
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