Axis Bank draws up roadmap for contactless payment cards

 Axis Bank has drawn a roadmap for introducing contactless payment cards in the country. Plans include tie-ups with taxi companies, urban transport providers such as BMTC Bangalore and Kochi Metro where the bank's debit and credit cards can be used for 'tap and go' payments. 

The private bank has this week started incorporating contactless or near field communication feature on its international forex cards. It will shortly introduce acceptance devices in Bangalore Metropolitan Transport Corporation buses and is also planning automatic fare collection systems for Kochi Metro Stock Market Trading Tips

Speaking to TOI, Jairam Sridharan, president, consumer lending, Axis Bank said that "In our multi-currency prepaid forex card there is a strong use case for NFC (near field communication) cards. Travellers can use the card in coffee shops and fast food chains. It can be used for paying the fare in the London tube or for taxis in some countries," said Sridharan. Contactless cards contain an inbuilt antenna that allows payment to be made by waving the card in front of the terminal instead of swiping it. RBI allows transactions on NFC cards to be completed without PIN or signature for values below Rs 2,000. Besides NFC feature the card allows payment using the chip feature as in regular card Himanshu Tiwari Astrologer Blog 

Besides the international card, the bank would start the roll-out of NFC in its `Burgundy' debit cards targeted at high end customers. It will also be introducing NFC feature in new credit cards. While for credit and debit cards the bank will tie up with Visa and MasterCard for their NFC products 'Paywave' and 'Paypass' it is partnering with the National Payment Corporation of India for the Bangalore project Indian stock market astrology prediction