Smart Watches have become a part of our lives. From reminders to health tracking and from notifications to controlling music, these watches come in handy. Well, moving a step ahead, you will also be able to make payments through your smartwatch now.
India’s oldest Private Sector Bank, City Union Bank, along with smartwatch makers GOQii has launched a wearable payment system that is powered by the National Payments Corporation of India (NPCI). The bank termed this fitness watch debit card.
On this occasion, N Kamakodi, MD and CEO of City Union Bank said,
“We used advanced technology to enable our customers to make digital transactions in a contemporary, safe and secure fashion. We are happy to introduce this CUB Easy Pay Debit Card in a Fitness Watch providing our customers with an easy tap and go payment solution.”
With this watch, you don’t need to carry your debit card. You will be able to pay just by tapping this watch. For this to work, your debit card will be linked to this smart watch. After which you will be able to make payment from it.
What you need to know?
- The watch is NFC enabled and when you link you CUB debit card with it, it acts as a debit card itself.
- Once linked, you can simply pay at any POS just onto machine.
- If you are paying less than 5 thousand rupees, then just tap or wave the watch in front of the POS device.
- If you have to pay more than Rs 5 thousand then you have to enter the PIN.
- Besides payment, this smart watch can track oxygen level, heart rate, blood pressure etc.
- Moreover, GOQii is also offering a free wellness package with this watch for three months.
- The actual cost of this watch is INR 6,499. However, you can get this smartwatch cum debit card at an introductory price of INR 3,499.