Axis Bank Ltd.

Axis Bank has unveiled contactless debit, credit and multi-currency forex cards. With the launch of these new cards, the bank is aiming to leverage RBI’s guidelines, which allow to process contactless transactions below Rs 2,000 without a personal identification number. The bank has already started a pilot project with select merchants to check the usage of these cards. Furthermore, the bank is planning to upgrade close about one-fourth or 50,000 of its point of sale (PoS) machines so that they can accept debit and credit card payments from contactless card.

The bank has reported 18.70% rise in its net profit at Rs 1978.44 crore for the quarter ended June 30, 2015 as compared to Rs 1666.76 crore for the same quarter in the previous year. Total income of the bank has increased by 22.58% at Rs 12234.41 crore for quarter under review as compared to Rs 9980.47 crore for the quarter ended June 30, 2014.