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Thursday, August 13, 2015

Axis Bank set to roll out contactless card payments

Axis Bank, India’s third-largest private sector bank, will soon facilitate contactless payment for its premium debit, credit and multi-currency forex card customers.

The bank plans to cater to about 1.70 lakh premium segment customers, accounting for about 1 per cent of its total customer base of 1.7 crore. “The industry has seen about Rs.12,000-13,000 crore worth debit card transactions that are below Rs.2,000. So, we are piloting with 100 merchants in a couple of cities to facilitate the tap-and-go payments,” said Jairam Sridharan, President of Consumer Lending at Axis Bank. At present, about 70 per cent of transactions through debit cards are below Rs.2,000 value across the banking industry.

"We need to create a culture of customers getting to know how to use the tap-and-go payment system. Changing this behaviour will take time. So, we are first trying to aim at the segment which will be quicker to adapt," Sridharan explained.

Globally, near-field communication (NFC)-based payments are popular in, among others, quick-service restaurants, department stores, and campuses.

Source : Thehindubusinessline


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