Featured Image: Representational photo of a contact-less card.
Kolkata, 13 August: AXIS Bank has launched a new wireless-communication enabled credit/debit card that allows transactions up to a certain amount without the card requiring to be punched on a point of sales (POS) terminal or entering the PIN manually.
The move will allow its users to save time by making payments faster at patrol pumps, multiplexes, shopping stores and eating outs etc, without waiting for the merchant to punch the card and enter card number and PIN manually for payments up to Rs 2,000.
Branded as “contact-less card”, Axis says, the card will contain an in-built micro-chip and a radio frequency based antenna that will process a transaction in wireless mode. Axis Bank is the first private banker in India to introduce such a card.
Once a merchant enters the amount payable on a wireless technology enabled POS terminal, a customer will simply require to tap his / her contact-less card on the terminal and the payment will be processed wirelessly in a secured manner, the bank has said in a statement.
On completion of the transaction, the customer will receive SMS alerts on his mobile and his registered email address. The same card can be used for transactions over traditional POS that lack the wireless transaction facility.
Commenting on this, Sidharth Rath, president and head, treasury & transaction banking at Axis Bank said: “Our focus has always been on improving customer experience and enhancing value for our customers. With the launch of the contact-less cards, our customers will have access to pioneering technology solutions of global standard that provide both security and added convenience.”
Another highlight of the contact-less card is that it can load as many as fifteen currencies, which will allow Indian users to make payments easily while traveling abroad.