Axis Bank Ltd.

Axis Bank, India’s third largest private sector bank, is reportedly planning to 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’s decision comes after the Reserve Bank of India (RBI) announced that payments of Rs 2,000 and below do not need a two-step authentication.

Earlier, the bank had launched the multi-social payment solution ‘Ping Pay’ to allow customers with smart phones to transfer funds, person to person, including to non-Axis Bank account-holders, using varied social media channels. The person-to-person funds transfer through Ping Pay will happen via NPCI’s Immediate Payment Service (IMPS). At present, the transaction limit is set at Rs 50,000 a day.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The Bank has a large footprint of 2402 domestic branches (including extension counters) and 12,922 ATMs spread across the country as on March 31, 2014.