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October 15, 2018

Axis Bank contactless payment app launches for cardholders

Axis Bank has launched a new mobile application called ‘Axis Tap & Pay’ to enable its cardholders make contactless payment via their android mobiles.

The new service is available for all Mastercard and Visa debit and credit cards issued by the bank.

Axis Tap & Pay uses Host Card Emulation (HCE) technology for making the payment processing safe and fast.

Axis Bank contactless payment app accelerates growth

The app requires linking of customer’s credit and/or debit cards. Once linked, cardholders can tap their NFC-enabled mobile phone on contactless point-of-sale (POS) terminals to make the payment.

In order to secure original card details, the Axis Tap & Pay service generates a token-card for the transactions. The bank also expects the merchants to benefit from more transaction volume and quicker checkout times.

Axis Bank head of cards & merchant acquiring business Sanjeev Moghe said: “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. This eliminates the need of carrying a physical plastic card.”

Last month, the bank introduced instant credit card issuance service for pre-approved customers. This virtual card service is accessible through its Axis Pay app.

Customers will now be able to link the generated instant credit cards with Axis Tap & Pay, and use them at the POS terminals immediately.

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