Axis Bank Launches Debit Card with Enhanced Security Features

By Sneha B K
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Private sector lender Axis Bank on Wednesday launched a new debit card, which can be switched off for specified time periods, and has also put in fraud protection and personal accidental cover along with the offering.

    The card named 'Secure+' can be switched off by using a mobile phone application or Internet banking gateway or through the phone-banking application.

    Axis Bank Launches Debit Card with Enhanced Security Features

    Besides, customers can also put limits on transactions. At Rs 300 per year, it will cost a customer twice as much as a regular debit card offering to avail this card, said Jairam Sridharan, Axis Bank's president and head of retail lending and payments.

    The bank is giving a 'fraud protection' service along with the card, wherein disputed transactions of up to Rs 75,000 will be covered for customers, Sridharan said, adding that they might be able to take the benefit of this facility even in case of a second factor authentication code being shared with the fraudsters.

    In case a customer has multiple cards of different lenders and loses his wallet, a single call to the bank's executive can help lock other banks' cards as well.

    Apart from that, those choosing this card will also get an enhanced personal accident insurance at Rs 5 lakh, he said. Sridharan said their research found out that many people do not use cards for fears around security, which drove it to introduce this solution.

    He pointed to industry data showing only 10 per cent of the total 400 million cards were being used for transactions apart from ATM withdrawals.

    We want to decrease the usage of cash in the economy and such cards will help with that, he added.

    PTI

    Read more about: axis bank debit card
    Story first published: Thursday, June 25, 2015, 9:32 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more