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.