The Bank’s focus on
cards, both credit and debit, also continues to remain high with Axis
continuing to be the market leader in installing ‘card-acceptance terminals’ –
as of Q3FY18, the number stood upwards of 479,200. Also, Axis
Bank continues to invest in newer cashless and digital payment methods,
which would help get a larger population to embrace digital payments. AxisPay
UPI has also witnessed over 10.4 million registrations since its launch
accounting for over 65 lakh Virtual Payment Addresses (VPAs).
Speaking at the press meet, Rajiv Anand, Executive Director –
Retail Banking, Axis Bank, said,
“The Government’s focus on making the country embrace digital payments has been
relentless. With digital transactions touching the Rs. 1 billion mark in
December last year, we at Axis Bank truly believe that the adoption of digital
transactions has gained momentum, thanks to the multiple initiatives taken
by the centre. ‘Payments’ has always been at the core of Axis
Bank’s business priorities and it is heartening to note that consumers
continue to embrace the various digital modes of payment. We have always taken
the lead in helping the customers in their ‘digital journey’ through
our sustained commitment towards safe, convenient and innovative digital
channels.”
As per data released by the Reserve Bank of India, in
January this year, banking transactions through digital mode rose 6.57%
to Rs. 1.06 billion in December from Rs. 998.5 million in
November. This was the first time that the transaction volume crossed
the Rs. 1 billion mark. The overall value of these transactions was also the
second highest in a month in the last one year. Transaction worth about
Rs. 125.51 trillion were carried out in December through credit and debit
cards, the unified payments interface (UPI), unstructured supplementary service
data (USSD), prepaid payment instruments (PPIs) and internet banking.
In May 2017, Axis Bank launched Axis OK - a lite, secure and
easy-to-use multilingual mobile app to empower users with basic feature phones
to access basic banking digitally, without heavy data consumption. The app,
which is under 900 kb in size, is one of the lightest banking applications with
an aim to offer digital banking services to a large number of customers.
Axis Bank's commitment towards providing a congenial environment
for the startup community has been exemplified through its ‘Thought Factory’
located in Bengaluru. This is a one-of-its-kind innovation lab which empowers
and provides a platform for startups to expand
and create avenues with investors and companies.
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