India's Axis Bank rolls out display debit cards

Source: Axis Bank

Axis Bank, India’s third largest private sector bank, today announced the launch of the Display variant Debit Card for its NRE customers.

The EMV chip embedded, interactive debit card comes with a display screen and touch-sensitive button that enables customers to generate the OTP on the card itself. This OTP, in conjunction with the user id and password, allows the customer to seamlessly transact on internet banking without having to wait for OTP delivery via SMS or email. This does away with the hassles due to OTP not being delivered owing to telecom network issues or mobile number updation. Axis Bank will be the first Indian bank to launch this new technology and has added additional features and benefits to create a unique offering in the market.

The new Display Debit card comes with international ATM access charges waived, providing unlimited free international ATM usage. It also offers customers lounge access, loyalty points on all transactions and air accident insurance and personal accident insurance of Rs. 25 lakhs and 5 lakhs respectively.

Commenting on the launch, Rajiv Anand, Group Executive & Head Retail Banking at Axis Bank said “We are proud to be the first Indian bank to introduce Display Debit cards for our customers. The launch of the new card further reinforces our commitment to improving customer experience by deploying cutting-edge technology solutions that provide both security and convenience.”

Comments: (2)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 04 December, 2015, 13:31Be the first to give this comment the thumbs up 0 likes

Kudos to Axis Bank. I'm familiar with Mobile OTP (from several banks), hardware token (HSBC) and OTP App (SBI). While hardware token is my personal favorite, all three technologies have their own shortcomings. As long as it works as advertised, Axis Bank's card with insitu OTP generation capability promises the best tradeoff between security and convenience.

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 06 December, 2015, 17:47Be the first to give this comment the thumbs up 0 likes

Good to see banks in India adopting to global best practices of fraud prevention with such additional layer of security restriction.

Ofcourse I would loved it if same could be seen available across to other segments of customers in various formats ( may be those customers who holds balance in account more than 50,000 /- and may be ready to pay for such cards as sign up / annual fee).