Wear it, tap it and get going: Visa Platinum prepaid card users will soon be able to make their payments with wearables like band, rings, jackets, watch straps

• An Indian fintech payment services startup Billbox is developing wearable payment accessories called TapTap.
  
• The 16-year-old Mumbai-based startup Billbox has launched the product in association with NSDL Payments Bank and Visa.
  
• It has been launched with silicon band, silicon strap and silicon loop which will be available in white, black and blue colours.
  

The days when you had to use your card for payments may soon be a thing of the past. An Indian fintech payment services startup, Billbox, is developing wearable payment accessories through a disruptive product TapTap, which will help in making payments faster than cards.

“The newly launched product will be highly beneficial to a segment of the population who are looking for quick contactless payment methods that go beyond plastic money, QR codes and cards,” said Ashutosh Singh, president & CBO, NSDL Payments Bank.

The 16-year-old Mumbai-based startup Billbox has launched the product in association with NSDL Payments Bank and Visa.

“TapTap is a program manager and fintech pioneer in prepaid and gift card programs. Our B2B and B2C solutions through partnerships with major brands, fashion designers, and enterprise customers will get us the cutting-edge technology of accessorising payments through wearable contactless payment products. It also allows quick turnaround to launch customised co-branded prepaid card programs,” Viraj Majmudar, managing director and CEO, TapTap said.

It has been launched with silicon band, silicon strap and silicon loop and will be available in white, black and blue colours. The company also claims that the product is non-allergic, non-skin irritant and washable, as it is made out of silicon.

The products under development that are aimed at men include rings, access cards, airpod covers, watch straps, watches, cuff links, ties, gloves, jackets and spectacles.

Products for women would include rings, mobile covers, key fobs, bag tags, stickers, watches, watch straps, bracelets made out of silicon, leather, artificial jewellery, gold and silver jewellery.

As per RBI norms in India, a user can tap for an amount up to ₹5000 without OTP (one time password) or PIN but any amount above that would require second-factor authentication of OTP. The user can transact up to ₹2,00,000 in a month with full Aadhar KYC.

“Partnering with fintech like BillBox, we continue to provide Visa cardholders the convenience of tapping to pay for their everyday purchases, now through wearable devices,” said Ramakrishnan Gopalan, head – products, India and South Asia, Visa.

But there is a catch. TapTap wearable contactless payments is only available for Visa Platinum prepaid card users and will cost ₹1499 per wearable. It will be for use in metro cities of India. Furthermore, the company says that one doesn’t need a phone or scanner to use the product, and it requires no charging either.

“This offering is in line with NSDL Payments Bank’s philosophy to offer innovative and secure digital financial solutions to Indian consumers in a cost-effective manner,” Singh added.

Billbox also offers reloadable prepaid cards and the same can be loaded via instructions to the bank, the company said.

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