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Axis Bank Uses Contactless Technology to Launch Debit Cards

Axis Bank Plans to Invest in Tech Startups

Axis Bank, a private-sector bank in India, announced Wednesday the launch of its Contactless Secure+ 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 says it 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.

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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.

After 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 Rs. 2,000.

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Customers will also have an option of using their card as a normal chip card for conducting transactions, regardless of the value.

The new contactless Secure+ debit card comes with existing features of the traditional Secure+ debit card – it offers emergency assistance and covers hotel and flight expenses in case of loss of travel tickets and wallet.

It also has a Total Control platform, allowing customers to modify usage limits, choose between domestic or international usage, switch the card on or off and even replace the card.

Photo courtesy: Axis Bank

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