Axis Bank has launched a new credit card, ACE Card, in association with Google Pay and Visa. Uses tokenization through Google Pay to allow users to transact without entering their card details.
How does it work
In September, Google introduced support for card-based payments on Google Pay with its tokenization feature. Launched in collaboration with Visa and banking partners such as State Bank of India (SBI) and Kotak Mahindra Bank, the facility allows Axis Bank to conduct online transactions via tap-pay at NFC-enabled POS terminals. . A digital token is attached to the device for transactions and can be paid without sharing card details.
“Partnerships between banks and technology companies are a great opportunity to provide financial services to all,” Moghe said.
What is the offer?
The ACE Card offers 2% unlimited cashback on all transactions except EMI, cash withdrawal, fuel purchase and wallet loading. It has more rewards for customers who pay for essential expenses. For example, Google Pay currently has a 5% cashback on recharges and bill payments, including electricity, internet, gas and mobile recharges.
Other debit and credit cards from Axis Bank and other banks also offer cashback benefits, but the terms and conditions and usage cases may vary.
According to Raj Khosla, founder and CEO of My-MoneyMantra, the ACE card is a great choice for new-age digital users, as it offers a large amount of cashback on daily transactions. Also, the card enables transactions without sharing card details, which creates a more secure and friction-free experience.