Make payments with your wearable! Bank of Baroda launches bob World Wave

With Bank of Baroda wearable product, you can make your payment with just one touch. Here’s how it will work.

With the Bank of Baroda World Wave, customers can make on-the-go payments of up to ₹5,000 without any PIN. (Representative Image)

By now, we all understand the importance of the contactless payments system especially due to the worldwide corona pandemic! From the online payments to contactless card payments, we all have opted for ways to avoid cash as much as possible. Now, in the list of contactless payment options, we have a wearable payment solutions too. As the name suggests, you can just use your wearable, mostly smartwatches or fit-bands to make your payment sans the use of even a mobile phone! In the line of wearable payment technology, Bank of Baroda, India's public sector bank launched a solution for digital banking payments, named bob World Wave.

No doubt, wearable technology is witnessing the rise of tremendous interest across the globe and lenders are using this opportunity to adopt the more convenient and cashless digital payments systems as much as possible. "This is an innovative solution, intended to perfectly deliver preventive health actions as well as easier payment transactions," Ajay K Khurana, Executive Director at Bank of Baroda said about the product. Bank of Baroda launched the bob World Wave in partnership with National Payments Corporations of India (NPCI).

bob World Wave: A fit band with payment solution

As mentioned earlier, the bob World Wave can be used to make contactless payments up to ₹5000 in all NFC enabled Point of Sale devices with just a tap. To make payments above ₹5000, you will need a PIN. Well, this wearable comes with the health monitoring benefits too, just like any other fitness bands. bob World Wave wearable can be used to monitor your SpO2, body temperature, heart rate and blood pressure.

Bank of Baroda is offering a three months free wellness package along with a personal health coach, doctor tele-consultation and interactive video coaching on the purchase of World Wave. Well to make the e-commerce transactions, the bank will provide you a dummy plastic card with the card number same as of the wearable device along with expiry date and CVV, like a debit or credit card. The availability and the price of the product is yet to be revealed.