Now you can “switch off” your Axis Bank debit card when not in use. Aimed at incentivising card usage, the country’s third-largest private bank has allowed customers to control usage of a debit card to enhance security.
In a bid to support the government’s initiative to promote cashless transactions, Axis Bank has allowed customers the ‘total control’ feature in debit cards to allow switch on and off facility on its card through the bank’s mobile application, internet or phone banking.
The bank has also allowed all debit card holders to set limits on the transaction amount and instantly modify the same. Further, it provides preference of usage in domestic or international regions.
“Less than 10 per cent of customers use debit cards for purchases. Essentially, customers don’t use cards because they fear security breach due to card frauds across the world…” said Jairam Sridharan, President and Head – Retail Lending and Payments, Axis Bank.
"Our base of debit card customers is at 1.7 crore and are the fourth-largest issuer of debit cards at present," he added.
The private lender also plans to roll out the NFC (near-field communications) technology-enabled version of this and other cards. "We are waiting for the NFC acceptance of infrastructure to further develop in the country," Sridharan said.
The bank on Wednesday launched a new EMV (EuroMasterVisa) Secure + debit card that combines chip security, wallet security, fraud protection and travel assistance — all in one card.
“In case of fraud, Secure + offers fraud liability protection of up to ₹75,000, allowing 15 days leeway backwards on your informing the bank…This is because we are also seeing a lot of new age frauds such as skimming, phishing, information access, counterfeit, etc…so losses due to unauthorised view switch can be protected,” Sridharan said.
Priced at an annual fee of ₹300 (against the regular debit card fee of ₹150) the card provides a personal accident insurance of ₹5 lakh on the card and wallet protection by blocking all cards (irrespective of the bank) through Axis Bank’s call centre.
“Over the next six months, we hope this will become our dominant debit card in the market. We will allow migration of existing customers to this card,” Sridharan added.