By
Tricitynews
Chandigarh 11th October:- Axis Bank, the country’s third largest
private sector bank, today introduced ‘Axis Tap & Pay’, a mobile
application that will allow its customers to make transactions by just tapping
their NFC-enabled android mobile phones on contactless merchant terminals. This
feature will be available for all MasterCard and Visa, debit and credit cards
issued by Axis Bank. The Bank has leveraged HCE (Host Card Emulation)
technology for this feature to make the payment process safer and faster,
thereby enhancing the overall customer experience.
In
order to use this service, the customer has to download the Axis Tap & Pay
app from the Play Store and add the details of Axis Bank credit and debit cards
on the application to activate the contactless payment facility. After linking
the card/s on the app, the customer can just tap the NFC-enabled mobile phone
on contactless POS machines to make the payment without the need of
carrying a physical plastic card.
All
payments through Axis Tap & Pay are secured as the solution generates a
token-card for the transactions, which is separate from the actual debit/credit
card number, thereby increasing customer privacy and security. Also, the
merchants can benefit from increased transaction volume as well as quicker
checkout times and thus reducing queues at cashiers.
Speaking
on the launch, Sanjeev Moghe, Head of Cards & Merchant Acquiring
Business, Axis Bank said that the payments market is evolving, accompanied
with a shift in consumer behavior. We see a tremendous growth opportunity for
the contactless payments adoption and therefore, our new offering, ‘Axis Tap
& Pay’ is designed to cater to this segment. This proposition will enhance
the customer experience by expediting the payment process and making it more
secured and eliminating the need of carrying a physical plastic card.
Porush
Singh, Division President, South Asia, Mastercard said that Mastercard has
always focused on making digital payments convenient, safe and secure for users
and the launch of this application is another step in this direction. Today,
the Indian market has over 15 million contactless cards and is expected to
cross the 50 million mark by 2020. Mastercard is excited to be at the forefront
of this revolution and our partnership with Axis Bank bears further testament
to this. Going forward, Tap & Go will emerge as one of the most convenient,
safe and secure payment methods across categories for digital payments.
Adding to it, T.R. Ramachandran, Group Country Manager-India
and South Asia, Visa said that Visa is proud to partner with partners like
Axis Bank for creating innovative payment solutions. The recently launched
Instant Credit Card of the bank has empowered the consumer to get a card
digitally and now the Tap and Pay solution will enable them to use it for
contactless transactions at retail outlets. Global Trends indicate that the
proliferation of contactless significantly increases card usage and replaces cash
transactions thus complementing our country’s efforts to move millions of
citizens into the digital economy.
As per
the Reserve Bank of India guidelines on contactless payments on a card, a
maximum of Rs. 2000 per transaction is allowed. Thus, one can make payment upto
Rs 2000 per transaction using Axis Tap & Pay.
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