- A unique secure mobile payments solution using Axis Bank debit cards and powered by atom technologies
- Becomes the first bank in India to introduce this unique service
Axis Bank, India’s third largest private bank, today announced the launch of ‘AXIS CALL & PAY on atom’, a unique mobile payments solution using Axis Bank debit cards. Axis Bank is the first bank in the country to provide a secure debit card-based payment service over IVR.
‘Axis Call and Pay on atom’ offers the convenience of making payments anywhere, anytime over the mobile phone without any dependency. The technology for the Axis Call & Pay Service has been developed by atom technologies, a digital, retail initiative of the Financial Technologies Group.
Axis Bank customers, to avail of this service, first need to link their mobile number to their Debit Card. This can be done by them from an Axis Bank ATM. Once this is done, the system gives a call-back and guides them to set a 6 digit mPIN, which has to be used during each transaction. A detailed How-It-Works sheet is attached for ready reference
Ms Manju Srivatsa, President, Retail Banking, Axis Bank said, “India has seen remarkable growth in its debit card market over the past few years. The debit card spends at merchant POS terminals increased significantly by 48% to Rs. 18,547** crore during the year 2009. The debit card spends stood at Rs.12,521 crore for the previous financial year. Customers were, however, not able to pay remotely using debit cards. Axis Call and Pay makes it very convenient for our customers to get the most out of their Debit Card, while on the move, in a secure manner.”
**RBI Bulletin http://rbi.org.in/scripts/BS_ViewBulletin.aspx/BS_ViewBulletin.aspx?Id=10962
Mr. Dewang Neralla, Director, atom technologies said, “We are delighted to partner with Axis Bank in the first of its kind initiative in the country. atom’s expertise in secure and cutting edge mobile payment technology has been leveraged by more than 100 merchants. One of the major concerns for tele commerce growth in India has been the risk involved in making card-based payments over the mobile phone. With Axis Call & Pay on atom, we are confident that our secure IVR services will boost mobile payments using debit cards in India and will be highly beneficial for Axis Bank customers.”
Axis Call & Pay on atom transactions will only be possible at atom technologies enabled merchants. As and when new merchants are integrated and enabled by atom technologies, they will be available on this system. The list would be updated on the website. Currently, it is made live on Vodafone, Tata Sky, Sun Direct, and Dish TV. In a short time, this payment facility would be enabled on around 100 major merchants across different categories of utilities like Telecom, Mobile, Entertainment, Travel, Insurance, etc. The advantage of the service is that it works with any mobile phone and any connection as it uses the simple calling functionality on the mobile.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers a vast spectrum of services encompassing Large and Mid-Corporate Banking, SME Banking, Agri-Business Banking, Retail Banking and International Banking.
Axis Bank has a network of 959 branches and extension counters and 4164 ATMs across the country. The branches, spread across more than 595 cities and towns, enable the Bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment.
Axis Bank has presence in Singapore, Hong Kong, Shanghai and Dubai, and seeks to expand further its international presence. Axis Bank has the second largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country. Axis Bank has a customer base of over 100 Lakhs and provides payroll services to over 20,000 Corporates across 38 Lakh salary accounts. The market capitalisation of the Bank as on February 23, 2010 was Rs. 44,319 crores (NSE) which makes the Bank the fourth largest in terms of market capitalisation in India.
The Bank’s centralised database enables customers to operate their accounts from anywhere in the country. The Bank’s website www.axisbank.com offers comprehensive details about its various schemes.
About atom Technologies
Atom Technologies is a digital, retail initiative of the Financial Technologies Group, a group that has pioneered creation of digital marketplaces and technology solutions for the financial markets. Atom was formed in 2006 to focus on harnessing the digital transaction ecosystem for payments with a special focus on the ever-increasing mobile ecosystem. As a mobile payments service provider, Atom, through innovative use of technology in the mobile transactions ecosystem, has created multiple “patent pending” products & services for mobile payments, mobile banking for the un-banked, IVR based payments & mobile based service distribution framework. Today, its services have seen more than 100 crore of transactions going through its environment with client list spanning the best of the associates in the industry. For more information on Atom, visit www.atomtech.in
