BharatPe partners with Axis Bank for

BharatPe partners with Axis Bank for its POS business

 ·         Strategic alliance aimed at ensuring better experience for BharatPe’s POS merchants

BharatPe, India’s leading fintech company for merchants, today announced a strategic alliance with Axis Bank, the third largest private sector bank in India. As a part of the association, Axis Bank will be the acquiring bank for BharatPe’s POS business (BharatSwipe) and will empower acceptance of credit and debit card payments for BharatPe’s merchants using BharatSwipe.

This association will help BharatPe enhance the merchant experience by leveraging best-in-class technology platform offered by Axis Bank. The merchants can enjoy faster payment processing, a more secured and simplified platform, along with a host of other features.

Axis Bank today is the third largest POS acquiring bank in the payments acceptance business in India. With an Installed Base of over 6,52,026 POS terminals spread across India in metro, urban, rural and even deep geo cities such as Barmer, Ratlam, Korba etc, serving both big and small merchants, the Bank currently processes around   Rs.19,000 Cr of volumes per month. With superior technological capabilities for faster and secure payment processing, Axis Bank is in a position to serve all partners and customers to leverage the same for accepting payments through multiple payment modes.  

BharatPe launched its POS machine, BharatSwipe, last year as India’s first zero rental and zero MDR POS machine. It received an overwhelming response from small merchants and kirana store owners. The BharatSwipe business has scaled up rapidly, and now contributes 20% to the overall payments Transaction Processed Value (TPV) of the company. BharatPe has an installed base of over 1 lac POS machines across 16 cities in the country and facilitates transactions of over Rs. 1400 crores every month. BharatPe clocked annualized transaction value of US$2bn on the POS terminals at the end of FY21 and has set a target of US$6 bn in annualized TPV by the end of FY22.

Commenting on the partnership, Sanjeev Moghe, EVP & Head- Cards & Payments, Axis Bank said, “We have been continuously working on partnership led models & digital solutions to expand our offerings to the merchant community. In this endeavour, we are delighted to partner with BharatPe, one of the fastest growing fintech brands in the country. This partnership aids our commitment to drive digital adoption across the ecosystem and achieve the goal of financial inclusion by bringing technological access for digital payments to all segments of the society. Further, we look forward to partnering with other fintechs and e-commerce players to help them ensure merchant stickiness on their QR code installations by providing co-branded POS plus QR and several other value added services”

Speaking on the association, Suhail Sameer, Chief Executive Officer, BharatPe said, “We have witnessed phenomenal growth in our POS business since its launch. We have set aggressive plans for the vertical and aim to enable 5 crore transactions and scale the POS business by 3x in the next 12 months. We are targeting tripling our POS deployment to 3 lac machines by the end of current fiscal. We are also looking at expanding our reach by 5x to 80 cities in the country.  We are also working towards rolling out customer credit offerings as well as add loyalty and rewards features to our POS devices in the coming months. In order to achieve these, we will be exploring partnerships with banking and financial institutions that can empower our offering. We believe that Axis Bank is amongst the ‘digitally- ahead’ banks in the country and we are confident that this partnership will be not only help us deliver a seamless offering to our merchants, but also be instrumental in our journey to achieve the next level of growth. We look forward to a more holistic association with them in the times to come.”

BharatSwipe also allows merchants to accept QR payments, via dynamic QR generated on the Swipe machine. Also, its feature of generating physical receipts for QR payments is one of the most sought after feature. The company has also recently launched ‘holiday settlements’ feature for its merchant partners. This feature allows merchants to accept settlements even on a bank holiday, thereby ensuring liquidity at all times.

BharatPe is India’s largest fintech company that offers a range of financial technology products for SMEs, small merchants and kirana store owners. It has been committed to drive financial inclusion in the country with India’s first UPI QR payment acceptance product with zero transaction fees, a range of loans for the underserved and the unexplored merchants as well as SMEs, and zero rental card acceptance machines. It will continue to scale its lending and payments business as well as expand its presence to newer markets in FY22. The company aspires to become a Digital Bank for all SMEs in the country.  It has set a target of reaching US$30 billion TPV annually on payments (both QR and Swipe) and building a loan book of $700 million with small merchants by March 2023.

 

Axis Bank launches Wear ‘N’ Pay, a range of new age

Axis Bank launches Wear ‘N’ Pay, a range of new age payment solutions

First Bank in India to launch its own budget friendly wearable contactless payment devices

 

• Hands free payments; no need to carry wallet or phone  
• Range of wearable contactless payment devices such as band, key chain and watch loop  
• Devices are user-friendly and come at an budget friendly price  
• Encourages adoption of cashless transactions for everyday requirements  

  

Axis Bank, country’s third-largest private sector bank, has stepped up their game in the contactless payments segment by launching its own range of wearable contactless payment devices, thus, making payments truly on-the-go and convenient for its customers. Axis Bank partnered with Thales and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform.    

  

With the launch of its wearable devices brand, ‘Wear ‘N’ Pay’, Axis Bank has become the first bank to introduce a new line of wearable devices that can be incorporated into existing accessories or worn easily to carry out contactless transactions on the go. These devices come in a variety of accessories like band, key chain and watch loop that factor in practical usage and are available at a fee point of Rs. 750, making it affordable for customers.

 

The wearables are directly linked to the customers’ bank account and function like a regular debit card. This allows purchases to be done at any merchant who accepts contactless transactions. Wear N Pay devices can be purchased via phone banking or at any Axis Bank branch.. Non-customers can also enjoy Wear N Pay devices by opening an account either online through Video KYC or by visiting their nearest Axis Bank branch.

  

Commenting on the launch, Sanjeev Moghe, EVP & Head-Cards & Payments, Axis Bank said: “With the increasing number of digital payments users, we see a huge opportunity in contactless payments, which will continue to grow, given the post pandemic situation and the need for social distancing. Contactless payments are the future of payments industry in India. To tap into this market, our Wear ‘N’ Pay program brings in convenience in contactless payments at a budget friendly price point, offering a safe and secure mode of payments on the go. Not only are these devices contemporary looking, but are also designed in a way that it becomes a part of our daily lives, thus increasing adoption of cashless transactions for everyday requirements. We are confident that the ‘Wear ‘N’ Pay’ program would be an attractive value proposition for our customers.”  

 

Emmanuel de Roquefeuil, Vice President and Country Director, Thales, India, said: “Thales has always been a key driver to launch innovative and secure digital solutions. We are glad to support Axis Bank with this innovative contactless payment experience in India. The current time is apt to discover new secure payment methods and here contactless wearables arise as an optimal alternative. We look forward to unleashing the full digital potential of our customers and accompany them as well as possible through this fast evolving payment ecosystem.”

Vikas Varma, COO-South Asia, Mastercard, said: “Mastercard is constantly innovating technologies that securely and seamlessly integrate contactless payments into people’s day-to-day lives. We are happy to partner with Axis Bank in launching this new form factor with the highest standards of safety and security, combined with a quick and convenient payment experience. Given that the wearable tech space is an integral part of driving contactless payments, this launch and partnership is a further testimony to Mastercard working towards building a secure and inclusive payments ecosystem.”

Axis Bank launches ‘Aura’- a credit card exclusively loaded with

Axis Bank launches ‘Aura’- a credit card exclusively loaded with affordable health and wellness solutions 

 

·         Welcome benefit of Decathlon shopping voucher worth INR 750

·         Four free online video doctor consultations per month

·         Four free online interactive personal training sessions and 16 pre-recorded sessions by celebrity fitness trainers per month

·         Discount on annual medical checkup

·         Special discount to cardholders on Nutrition plan and Diet Subscriptions

 

Axis Bank, India’s third-largest private sector bank, announced the launch of ‘AURA’, a credit exclusively loaded with several health and wellness benefits for its users at an affordable price. Aimed at health conscious individuals, these features will be powered by Poshvine and other specialists such as Decathlon, Practo, Fitternity, IndushealthPlus, 1MG etc., to offer a complete and unique health & wellness solution.  

 

The curated and affordable health and wellness offering from Axis Bank has partners like IndusHealth Plus, a health check-up company and Practo, an online medical consultation platform. Cardholders will be eligible for discount on annual medical check-up via IndushealthPlus.  With Practo, the Card will provide up to four free online video consultations per month, with 24*7 access to doctors across all 21 specialties and not just limited to general physicians. List of specialties range from the most common ones like dermatology and cardiology to alternative medicine practices like Ayurveda and homeopathy. 

 

Additionally, this proposition offers up to four free online interactive fitness sessions per month powered by Fitternity (a health and fitness platform). Cardholders also get access to 16 recorded training sessions per month and can choose from a wide array of sessions like Yoga, Cross Functional Training programs etc. 

 On the launch Sanjeev Moghe, EVP & Head, Cards & Payments, Axis Bank said: “During the pandemic, an individual’s focus towards health and wellness has increased significantly. Our analytics indicated a strong trend amongst consumers with the way they have been spending on health care products, which showed a significant spend lift in the health and wellness categories. To address this specific customer need and to tap the growing market, we have launched ‘AURA’, a credit card loaded with health and wellness solutions. We believe that there is a genuine need of a product catering to the health and wellness needs of customers, and this can be easily addressed through our unique product proposition.”

 

Benefits and offers	Details
Welcome  benefit voucher	INR 750
Free online video doctor consultations	Up to four per month
Free online interactive workout session	Up to four per month
Access to recorded  fitness sessions by Celebrity Fitness Trainers	Upto sixteen per month
Discount on annual health checkup	Up to INR 500

Axis Bank launches ACE Credit Card in

 Axis Bank launches ACE Credit Card, in collaboration with Google Pay & Visa

 

Offers unlimited cashback of 4-5% on bill payments and recharges^# and on everyday use categories such as food ordering, online grocery etc.

 

Credit card designed to cater to the growing digital payments users with best in class unlimited cashback of 2% on all transactions*

 

 With consumer preference for digital payments growing steadily over the last several years, Axis Bank, in collaboration with Google Pay and Visa, today launched the ACE Credit Card. The card is designed for the growing base of users keen to participate in the digital economy. Payments for essential use cases like mobile recharges, bill payments made via Google Pay earn users 5% in cashback. Users also get 4%-5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides for transactions made on partner merchants’ platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola. There is also an unlimited 2% cashback on all other transactions*, making it one of the most rewarding credit cards in its segment.

 

  The ACE Credit Card is aimed at bringing a seamless, digital experience to users,  starting from application to issuance, with the entire user journey for the credit card application being completed digitally. Users will be able to get cashback directly into their ACE Credit Card accounts. The tokenization feature enabled in partnership with Visa, will allow Google Pay users to use their ACE Credit Card to make payments through a secure digital token attached to their phone without having to physically share their card details.

 

Commenting on the launch, Sanjeev Moghe, EVP & Head, Axis Bank Cards & Payments said: “We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are delighted to have collaborated with Google Pay and Visa to launch the ACE Credit Card, one of the most rewarding credit cards in its segment, that not only offers exclusive benefits and rewards, but is also designed to suit the needs of the users who want to participate in the digital economy, offering frictionless  onboarding and usage experience. This collaboration and product construct will help us widen our footprint through Google Pay and broaden credit card penetration, contributing to our commitment towards the vision of Digital India and the country’s evolution to a less-cash society”.

 

Ambarish Kenghe, Senior Director - Product Management, Google Pay added, “We are excited to work with Axis Bank and Visa, to build on our efforts to bring helpful new features and products to our users. With ACE Credit Card, we are bringing a seamless application experience that is designed keeping the needs of users in mind. We’re hopeful that this simplicity will bring even more users into the fold of digital payments, and help more users get access to credit. Users will start seeing the ‘Credit Card’ option in their Google Pay app as we start rolling this offering out across India. We will continue to refine the product as we get inputs from the users.”

 

Commenting on the launch, TR Ramachandran, Group Country Manager, Visa, India & South Asia said, “Consumer attitudes towards credit cards are fast changing. This, combined with the large headroom that exists for expanding credit access and affordability, represents a significant opportunity. Today’s digital first consumers expect simple, secure and intuitive payment experiences from credit cards – from application to issuance and transactions to rewards, and in online, in-app or in-store environments. We are excited to partner with Google Pay and Axis Bank to launch the ACE Credit Card, to enable secure, convenient and compelling product experiences for today’s customer.”

 

The reward structure of the card is appended. The ACE Credit Card can be availed by eligible users through the Google Pay app.

 

 

Joining Fees	Rs. 499 - Waived for all applicants in 2020 In 2021, joining fee reversed if spends exceed Rs 10,000 within 45 days of issuance
Annual Fees	Rs. 499 (applicable from second year of use) Annual fee waiver at Rs 2 lakh spends in the year
Cashback	Unlimited 5% cashback on Recharges & Bill Pay transactions (electricity, internet, gas, DTH, mobile recharge, and more) through Google Pay Unlimited 4% cashback on online food delivery - Zomato, Swiggy, and cab rides - Ola Unlimited 2% on all other transactions (exclusion of EMI, wallet load, cash withdrawal and fuel transactions)
Fuel Surcharge waiver	1% fuel surcharge waiver (valid for transactions between Rs 400 and Rs 4,000. Max benefit up to Rs 500 per month)
Limited Time Offers	●        Joining fee of Rs 499 waived for users who apply in 2020 ●        Unlimited 5% cashback on Grofers & BigBasket ●        Rs 500 cashback after 3 transactions (min Rs 500 each) within 45 days of card issuance
Lounge Benefit	Complimentary lounge access 4 times a year at participating domestic airports

 

 

* All transactions except EMIs, Cash withdrawals, Fuel, Wallet loads earn 2% cashback

# Transactions made on Google Pay