- India’s third largest private sector lender, Axis Bank has launched the first Contactless Debit, Credit and Multi-Currency Forex Card in association with VISA the payments gateway company in the country.
- The bank will offer a contact less debit/credit cards to its 1.7 million premium customers, which also enables withdrawal of 15 currencies including Swiss Franc and Hong Kong dollar besides US dollar, Euro and British Pound via Multi-Currency Forex facility.
- To facilitate this Axis Bank will upgrade close to about one-fourth, or 50,000, of its point of sale (PoS) machines across the country, so that they can accept debit and credit card payments from contactless cards.
- With the launch of these cards, banks are aiming to leverage Reserve Bank of India (RBI)’s guidelines, which allow them to process contactless transactions below Rs 2,000 without a personal Identification Number(PIN).
- At the moment the bank has started offering credit card only to the premium segment and will soon be extending it to the other segments of customers as well.
About the Card
- Axis Bank Contactless cards contain a chip and an antenna (based on radio frequency) that facilitates seamless, faster and hassle free payments.
- A customer has to enter the purchase amount in the contactless PoS terminal and then simply has to tap the card on the terminal to complete his/her payment wirelessly and in a secure manner.