Axis Bank has announced the launch of its contactless debit card for regular savings account customers, to provide access to a larger customer base with contactless technology. The card, launched on the Visa payWave platform, will enable Axis Bank’s customers to ‘Just Wave to Pay’ at NFC-enabled point of sale (POS) terminals and also use the card as a normal debit card at any POS terminal.
Axis Bank has focussed on driving both the issuance of contactless cards to increase the number of customers as well as drive the penetration of contactless acceptance devices. At present, approximately 40% of the NFC-enabled point of sale (POS) have been deployed by Axis Bank.
“Our focus has been to utilize the latest technology and innovations, like NFC, to enhance value for existing propositions and drive deeper engagement with our customers,” said Sangram Singh, SVP & Head, Cards & Payments Business, Axis Bank.
TR Ramachandran, Group Country Manager, India and South Asia, Visa, “Visa payWave technology is gaining momentum with increasing adoption among merchants and an easier, faster and secure option for consumers to pay. As the payments ecosystem develops, Visa will continue to deliver innovative solutions across segments and categories to drive usage in familiar environments. Congratulations to Axis Bank on the launch of the contactless secure+ debit card, which will add to an increasing number of contactless cards in India and globally.”
Axis Bank’s Contactless Secure+ cards have an embedded microchip and an antenna (based on radio frequency) enabling “contactless” communication with a reader at the checkout. It enables Cardholders to make faster payments in a convenient and secure manner. Once the merchant enters the purchase amount on the contactless PoS terminal, the customer simply has to wave the card on the terminal and the payment is processed wirelessly, in a secure manner. Post the transaction; the customer will receive alerts through SMS and email. Axis Bank contactless Secure+ Debit cardholders will not be required to enter a pin or sign transaction receipts, for transactions upto INR 2,000.
Customers will also have an option of using their card as a normal chip card for conducting transactions, regardless of the value.
RBI, in 2015, announced relaxation of the two factor authentication norm for NFC based payments below Rs 2000. The country has witnessed over 60% of transactions on Credit and Debit cards below the threshold of Rs 2,000 and this is likely to increase significantly over next few years. Some leading supermarkets and quick service restaurants such as Big Bazaar, Costa Coffee, Dominos, etc, have already deployed NFC-enabled POS terminals to reduce the overall transaction time.