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.

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