Comments
Axis Bank, India’s third largest private sector bank, will roll out 20,000 point of sale (POS) terminals at merchants for NFC-based card payment acceptance to facilitate tap and pay or contactless payments.
The Bank also announced the start of issuance of NFC based EMV Chip cards on both credit and debit cards.
It plans to enable all its POS terminals with NFC based card acceptance, with an immediate roll out at 20,000 terminals, scaling it up to 50,000 terminals by end of the year, the bank said in a statement.
On Thursday, the Reserve Bank of India relaxed two factor norms for NFC (Near-Field communications) based payments below Rs 2000.
Over 60% of transactions on Credit and Debit cards today are below the threshold of Rs 2,000 and this is likely to increase with the new guidelines.
Globally, NFC based payments are popular in categories like Quick service restaurants, Department stores, Campus payments, Cab charges etc.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.