New Launch Current Affairs - 2020

Axis Bank launched the First Multi-Currency Contactless Card service in India

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.

Snapdeal to invest Rs 637 cr in R&D and launched website

Snapdeal’s R&D department launched its first product, a website which helps customers to pick products by data analysing and needs of the customers.

It has also announced to make investment of over 100 million US dollars i.e. 637 crore rupees in its Multimedia Research Lab over the next three years situated at Bengaluru.

Application of

  • It is to analyse what the customers browse and which pattern of the purchase does they opt with the help of technology solutions and smart algorithms.
  • These activities by customers on the shopping portal is studied by this website and helps to predict what customer needs the most and thus offers multiple choices within minimise search to them.
  • This website is built with an aim to improve the shopping experience for the customers and sellers.

Fund raising and acquisitions:

  • In order to make stronger technological base Snapdeal has recently acquired mobile recharge startup ‘Freecharge’, logistics firm ‘GoJavas’ and digital financial services platform ‘RupeePower’.
  • It has raised about 1 billion US dollars last year, 500 million US dollars each from Alibaba and Foxconn and is in process to raise 500 million US dollars from the soft bank.

All this shows that Snapdeal is all set to compete with its arch rivals in Indian e-commerce market.

It should be noted that the Snapdeal has over 40 million registered users and more than 1,50,000 business sellers.