Axis Bank Introduces Apple Pay for Visa and Mastercard Holders
Customers of Axis Bank can now seamlessly integrate their eligible Visa and Mastercard credit cards into Apple Wallet, enabling them to utilize Apple Pay for everyday transactions across various Apple devices.
Axis Bank has emerged as the first Indian financial institution to extend Apple Pay services to its customers holding both Visa and Mastercard credit cards within the country. This initiative underscores the bank’s commitment to enhancing financial technology access for its clientele.
The newly introduced service facilitates payments not only at retail establishments, but also within applications and online, utilizing devices such as the iPhone, Apple Watch, and iPad. Compatibility with Mac devices is anticipated to be rolled out shortly.
Customers are afforded the convenience of adding their Axis Bank credit cards to Apple Wallet either via the bank’s mobile application or directly through the Apple Wallet interface. Notably, existing rewards and benefits associated with the cards will remain intact.
This development arrives at a time when there is a marked pivot toward mobile and contactless payment solutions among consumers. Axis Bank asserts that this service aligns with its strategic aim to forge a digital payments ecosystem that is responsive to evolving customer trends.
Employing tokenization, Apple Pay ensures robust protection of card data. Rather than retaining the actual card number either on the device or on Apple’s servers, it generates a distinctive Device Account Number, which is encrypted and securely housed within the device’s Secure Element.
Amitabh Chaudhry, Managing Director & CEO of Axis Bank, remarked, “We are at a significant inflection point in payments, where technology, intelligent security, and changing customer expectations are reshaping how people transact.”
Jennifer Bailey, Apple’s vice president overseeing Apple Pay and Apple Wallet, stated, “India is home to a dynamic and digitally savvy population that continues to embrace a cashless future while expecting the highest standards of security and privacy, and we’re so excited to bring Apple Pay to users in India today.”
She further explained that Apple Pay empowers users to execute payments in stores without the necessity of an extraneous app, PIN, or OTP, while online transactions can be concluded without the hassle of repeatedly entering card information.
Gautam Aggarwal, President for India & South Asia at Mastercard, emphasized that this initiative provides Mastercard customers of Axis Bank with an additional avenue for contactless payments.
Meanwhile, Suresh Sethi, Group Country Manager for Visa in India and South Asia, highlighted that this service integrates Visa’s extensive network and tokenization technology with the user experience offered by Apple and the expansive reach of Axis Bank.
This launch significantly broadens the payment options available to Apple users in India, thereby deepening the integration of card-based contactless transactions into the burgeoning digital payments framework of the country.
Source link: Siliconindia.com.
