ASIA: AXIS Bank launches smart payment card

AXIS bank, one of the biggest banks in India, has just launched a partnership with Cardtek, a global payment technology company based in the US. The partnership allows full integration of the banking system with the nation’s payment system, RuPay, which provides a secure payment platform. RuPay users can pay for goods, services and transportation using the card either as account-based or card-based transactions. In addition, the smart bankcards can be used to make payments at over 1 million outlets in the country as well as via Axis ATM, internet and/or mobile applications.

The payment solution – named as Axis Bank RuPay Contactless Transportation Card is based on a national open-loop payment system for public transportation and has been successfully tested in Bangalore with plans for a further roll-out in Kochi. To add to the benefit of travelling with ease and convenience, the smart bank card can be personalized with customizable pictures and names.

According to RFi Group data there has been a lower incidence of cash usage in the country in the past 6 months (75% in H2 2016 to 56% in H1 2017) – likely due to the recent demonetisation program as well as related government initiatives to go cashless. The launch of Axis Rupay smartcard will likely contribute to a decrease in cash based transactions for various types of payments, which is in line with the government’s intended strategy to support a digital payments infrastructure.

Upcoming Events
01
Feb
18
UK Business Banking Forum 2018
London, England, United Kingdom
22
Feb
18
Australian Mortgage Innovation Summit 2018
Sydney, NSW, Australia
22
Feb
18
Australian Lending Awards 2018
Sydney, NSW, Australia
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance