India’s third largest private lender Axis Bank has introduced ‘Axis Tap & Pay’, a mobile application that helps its customers to perform transactions by just tapping their NFC-enabled smart mobile phones on contactless merchant terminals.
This feature, will initially, be available on all MasterCard and Visa, debit and credit cards issued by Axis Bank. The bank has adopted HCE (Host Card Emulation) technology for this feature. This technology will help in making the payment process safer and swifter, thereby enhancing the complete customer experience.
For using this service, the customer will have to download the Axis Tap & Pay app from the Play Store and feed-in the details of their Axis Bank credit and debit cards on the application to activate the contactless payment facility. After linking their card/s on the app, the customer will just have to tap the NFC-enabled mobile phone on contactless POS machines for making the payment without the need of carrying a physical plastic card.
“The payments market is evolving, accompanied with a shift in consumer behavior. 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 and eliminating the need of carrying a physical plastic card,” said Sanjeev Moghe, Head of Cards and Merchant Acquiring Business, Axis Bank.
“Mastercard has always focused on making digital payments convenient, safe and secure for users and the launch of this application is another step in this direction. Today, the Indian market has over 15 million contactless cards and is expected to cross the 50 million mark by 2020. Mastercard is excited to be at the forefront of this revolution and our partnership with Axis Bank bears further testament to this. Going forward, Tap & Go will emerge as one of the most convenient, safe and secure payment methods across categories for digital payments,” said Porush Singh, Division President, South Asia, Mastercard.
