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Axis Bank to launch a wearable device in partnership with GOQii

Axis Bank has tied up with GOQii to launch a wearable device for its customers, reports ET. The device will allow users to make NFC payments, and will come with GOQii's fitness related features like the coach etc. The band is expected to be launched over the next few months. Interestingly, the report also mentions that the bank will work at incentivising customers to adopt a healthier lifestyle, like offering loyalty points on walking a certain number of steps every week. However, there are no details if the band will be provided with an Axis Bank account for a recurring fee, or if users will need to pay for it upfront. Axis Bank is not the first bank looking to integrate payment systems into wearables, although Axis is the first to tie-up with an actual wearable maker. In April last year, ICICI Bank launched a number of banking applications called iWear for smartwatches to offer transactional and informational services for the bank’s customers. Rival HDFC Bank has also said that it will be getting a banking application for smartwatches. MasterCard program for payments over wearables: In October, MasterCard introduced a new programme called Commerce For Every Device to allow products such as car key fobs, wearables, and fashion accessories to be converted into a payment device. The agency partnered with General Motors, wearable technology company Nymi, smart jewelry company Ringly, Bluetooth locator TrackR and designer Adam Selman for the programme. Axis Bank’s Lime app: In September last year, Axis Bank…

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