Bank of Baroda (BoB) has launched a wearable payment solution called “bob World Wave”.
Key Points
- Bob World Wave was launched for digital banking payments.
- This technology is witnessing the rise of tremendous interest worldwide and lenders are using this opportunity for adopting more convenient and cashless digital payments systems.
- This innovative solution seeks to perfectly deliver preventive health actions and easier payment transactions.
Who has developed this technology?
To develop the “bob world wave”, Bank of Baroda partnered with NPCI. It was developed by leveraging the existing NFC based technology.
Significance of the solution
- Bob world wave is a “Bank’s on the go” wearable payment solution.
- It has been designed to ensure seamless and convenient digital payments for customers.
- It is expected that 10% of the small ticket payments will be done using wearable devices in next two years.
- This technology will empower customer for carrying their day-to-day transactions securely and seamlessly.
What is the need of this technology?
With the increasing acceptance infrastructure, demand for contactless payment mechanisms is also increasing steadily. The overall consumer sentiment is supporting wearables’ permanence in payments industry.
Features of the bob World Wave
- bob World Wave wearable solution will allow customers to monitor their body temperature, heart rate, Sp02 and blood pressure.
- Bank of Baroda is also providing an exclusive 3-months free wellness package with the bob World Wave solution. Wellness package will be provided along with a personal health coach, interactive video coaching and doctor teleconsultation.
- It will provide contactless payments of up to Rs 5000 across all NFC enabled PoS devices. Payment above Rs 5000 can be made using a pin.
- Bank of Baroda will also provide a dummy plastic card, comprising of the same card number printed as that on the wearable device along with expiry date and CVV. This card will enable customers to do e-commerce transactions easily.
Bank of Baroda (BOB)
BOB is India’s fourth nationalised bank and a financial services company. It works under the ownership of Ministry of Finance.
