Axis Bank to launch 'tap & pay' cards

Close on the heels of State Bank of India, Axis Bank has said that it will start incorporating NFC technology in credit and debit cards and upgrade 50,000 point of sale terminals to enable acceptance of 'tap and pay'feature. Reacting to the Reserve Bank of India's move relaxing two-factor authentication norms for NFC based payments below Rs 2000, Jairam Sridharan, president, retail lending and payments, Axis Bank, said, "RBI has made a very progressive move by modifying the two factor authentication norms for NFC based payments. NFC based tap-and-go payments have the potential to revolutionize small-ticket transactions in the country and can help payment digitization. Axis Bank is committed to catalyzing this new ecosystem on both sides - by enabling a large number of merchant terminals for NFC, as well as starting to issue NFC cards." He said over 60% of transactions on credit and debit cards are today below the threshold of Rs 2,000 and this is likely to increase with the new guidelines. Axis Bank, which is also one of the top five issuers of credit and debit cards in the country, will rollout NFC-enabled credit and debit cards immediately and help build NFC based card acceptance in the country.