Contactless Card Current Affairs - 2019
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India’s third largest private sector lender, Axis Bank has launched the first Contactless Debit, Credit and Multi-Currency Forex Card in association with VISA payWave in the country.
Axis Bank will offer a contactless debit/credit cards to its 1.7 million premium customers which also enables withdrawal of 15 currencies via Multi-Currency Forex facility.
To facilitate contactless cards operations bank will upgrade 50,000, of its point of sale (PoS) machines across the country.
How does Axix Bank’s Contactless Card works?
- Axis Bank Contactless cards contain a chip and an antenna (based on radio frequency) that facilitates seamless, faster and hassle free payments.
- The customer has to enter the purchase amount in the contactless PoS terminal and then simply has to tap the card on the terminal to complete his/her payment wirelessly and in a secure manner.
The bank has introduced this card in line with RBI’s guidelines of promoting PIN-less small ticket transactions and to provide service to its customers with the global standards.