India’s Axis Bank has introduced instant credit card issuance service for pre-approved customers.
The virtual credit cards can be accessed by customers through the bank’s mobile app, Axis Pay. Moreover, the card will be live within minutes after authentication.
Axis Bank will offer the cards to customers without any joining fee or annual credit card fees.
Subsequently, the bank will also dispatch a physical credit card for the enrolled customers.
This instant credit card issuance service is part of the bank’s strategy to further boost its share in the country’s credit cards business. Moreover, it aims to address the growing mobile e-commerce transactions market.
Axis Bank head of cards & merchant acquiring business Sanjeev Moghe said: “At Axis Bank, we are committed to offering innovative products and services to our customers that enhance speed as well as ease of operation.
“We are sure that this virtual credit card, available instantly, will offer an evolved way of banking for millennials requiring instant gratification.”
Moghe further noted that instant credit card also reflects data analytics use that facilitates a product which is ready for use within minutes.
The banks credit cards portfolio includes multiple premium, co-branded and featured cards such as Axis Bank Vistara, Privilege Credit Card, Axis Bank Buzz, MY Zone, Neo, and Miles and More Credit Card.