Indian private sector bank Axis Bank has introduced a new EMV chip based debit card called Secure+ that offers enhanced security features such as fraud protection and wallet protection.
The card will safeguard the customers’ wallet by blocking Axis Bank cards as well as other bank cards held by the customers in their wallet via a single phone call.
Also, the card can be switched off by using a mobile phone application or Internet banking gateway or through the phone-banking application.
Available at INR300 per year, the new debit card provides emergency assistance and covers hotel and flight expenses in case of loss of tickets and wallet in addition to offering an enhanced personal accident insurance limit of INR500,000.
The card’s fraud protection feature will protect and insure customers from phishing, pin authenticated fraud transactions or any other fraudulent activities. The service covers disputed transactions of up to INR75,000 for customers.
Additionally, the bank has rolled out a new platform Total Control platform that allows debit card customers to self-manage and customize their card features via internet banking, mobile banking, ATM and the phone banking IVR.
The platform enables customers to change limits, select between domestic or international usage, switch on or off card and even replace the card. It will act as a control pad for customers to manage card features and boost the level of security while transacting through various banking channels.
Axis Bank president and head – retail lending and payments Jairam Sridharan said: "It combines chip security, wallet security, fraud protection and travel assistance – all in one card. Our ‘Total Control’ platform allows customers to manage, control and customize all features of this card.
"Our internal surveys show that customers are worried of security aspect, and that’s why they are hesitant to use debit cards for purchases."