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

Swiggy introduces digital wallet Swiggy Money

Swiggy introduces digital wallet ‘Swiggy Money’,
in partnership with ICICI Bank

• With ‘Swiggy Money’, users now have the option of availing one-click checkout, instant refunds & adding money to the wallet
• ‘Swiggy Money’ is yet another move that elevates the consumer experience on the platform

Swiggy, India’s leading on-demand delivery platform, has launched its own digital wallet ‘Swiggy Money’ to enable a ‘single-click checkout experience’ on its platform. The full-fledged digital wallet in partnership with ICICI Bank will enable Swiggy customers to store money and be used for all food orders on Swiggy.

‘Swiggy Money’ is powered by ICICI Bank’s ‘insta wallet service’ which is built on a cloud platform with API integration. It enables Swiggy to create a digital wallet instantly for its customers. If the Swiggy customer happens to be an existing ICICI Bank customer, he/she can instantly start using the wallet. Non-ICICI Bank customers can also start using this immediately by providing details of a government ID to ICICI Bank. This first-of-its-kind integration offers benefits such as higher scalability, improved performance, quick to market and high-speed processing for reconciliation among others.

Users choosing ‘Swiggy Money’ can avail instant refunds and use the money for easy checkouts and hassle-free payment processing on future food orders. ‘Swiggy Money’ users will further be able to top-up their wallet using various banking instruments and enjoy single click purchase without multiple authentications.  In cases where the order value exceeds the wallet balance, the users will be provided with a ‘split-pay’ option which will enable making payment through a combination of money from their wallet and another payment source/instruments to complete the transaction.

Speaking about the introduction of Swiggy Money, Anand Agrawal, VP Products, Swiggy, said, “Providing the best payment and refunds experience is an integral move in tightening up the ordering experience and maintaining best-in-industry repeat rates on our platform that now offers multiple hyperlocal delivery services. We are happy to partner with ICICI Bank to launch this service. Along with a host of existing payment options offered to consumers, Swiggy Money will ensure seamless and swift transactions on food orders by minimising hassles such as lengthy payment procedures or payment failures resulting in improved customer experience.”

Talking about the partnership, Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank, said, “We are delighted to bring in the industry- first instant digital wallet ‘Swiggy Money’ in association with Swiggy. It offers the convenience of single-click checkout experience to Swiggy’s large consumer base. The Bank is a pioneer in providing peer-to-merchant solutions by leveraging our state-of-art standalone cloud platform with API integrations. This is our third offering, jointly with Swiggy. A year ago, we had customised an industry-first UPI led payment solution for Swiggy’s delivery partners to transfer funds. We had also introduced UPI-led instant one-click payment for millions of Swiggy’s customers.”

Widely recognised as the pioneer in Indian food delivery, Swiggy is currently present in over 500 cities in the country and is continuously deepening its presence and value in existing markets through newly launched services ‘Swiggy Grocery’ and ‘Swiggy Genie’. With a large hyperlocal delivery fleet and high consumer engagement, Swiggy is best placed to be the one-stop delivery app of the future and fulfil its vision to offer unparalleled convenience to consumers.