Axis Bank’s Growth:
- Rapid Ascent: Axis Bank has moved from being ranked 4th in FY21 to the leading position in just four years.
- Market Share: As of June 2024, Axis Bank operates 18.7 lakh card terminals out of the country’s 89.6 lakh, holding a market share of 20.8%. This places them ahead of ICICI Bank, which has 17.4 lakh terminals.
Growth Strategy:
- Expansion: The bank is expanding its card terminal business to attract deposits and provide loans to small businesses.
- UPI Transactions: Axis Bank aims to leverage its substantial share in UPI transactions. The bank handles over a quarter of these transactions as a payment service provider.
Innovative Solutions:
- Affordable Card Terminals: New card acceptance devices are available for rental at just ₹150-200 per month, making it accessible for businesses with transaction volumes as low as ₹30,000 per month.
- Tech Innovations: Axis Bank has introduced a low-cost card reader that works with smartphones and a soundbox for UPI payments that also supports contactless card payments via NFC.
New Merchant App:
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Axis Neo: Launched on Tuesday, this app simplifies payment processes for shops. It enables:
- Payment acceptance
- Transaction report access
- Service request submissions
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No Relationship Manager Needed: The app offers transaction and settlement report insights directly from mobile devices.