India-based private sector bank Axis Bank is planning to launch 20,000 point of sale (POS) terminals at merchants for NFC-based card payment acceptance.
The bank will start issuing NFC based EMV Chip cards on both credit and debit cards to facilitate tap and pay or contactless payments.
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Additionally, the bank has unveiled plans to roll out further 50,000 such terminals by the end of the year to process NFC contactless credit and debit cards.
The move follows Reserve Bank of India plans to relax two factor norms for NFC based payments below INR2,000 ($31.45).
Axis Bank president – retail lending and payments Jairam Sridharan said: "Axis Bank is committed to catalyzing this new ecosystem on both sides – by enabling a large number of merchant terminals for NFC, as well as starting to issue NFC cards."
Earlier this month, Axis Bank has launched Ping Pay, a multi-social payment solution to enable customers to transfer money and mobile recharge, person-to-person, including to non-Axis Bank account holders.
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