This is to allow its users to make payments through the Unified Payments Interface. Through this, FreeCharge users will be allowed to load money into their wallets through the UPI option which will be powered by Axis Bank’s SDK. National Payments Corporation of India had said that wallets were not allowed to be a part of the UPI.
It has hit its 11-month high after the RBI allowed foreign investors to up their stakes in Axis Bank up to 74%. The stock of Axis Bank rose as much as 1.76% to Rs 574.70 on the BSE and settled the day 0.94% higher. The hike in foreign investment limit in Axis Bank follows permission granted by the government to raise foreign shareholding ceiling to 74%.
This will be up from the current approved level of 62%. The decision was taken at a meeting here of the Cabinet Committee on Economic Affairs, presided over by PM Narendra Modi. The news came after the close of trading session in Indian bourses, where the shares of the bank fell Rs 4.30%, or 0.79%, to Rs 539.60.
This will be through multiple instruments including green bonds and from overseas markets. The approval would be sought at Axis Bank’s 22nd Annual General Meeting of shareholders on July 22. The bank has sought shareholders’ nod through a special resolution to raise these funds.
Axis Bank has bought 4.99% stake in Max Life Insurance for Rs 95.75 crore. The bank now owns 5.99% stake in Max life Insurance. Max Financial Services owns 68.01% in Max life insurance while Mitsui Sumitomo Insurance Company owns 25%.
The device will allow users to make NFC payments, and will come with GOQii’s fitness related features like the coach etc. The band is expected to be launched over the next few months. Axis Bank is not the first bank looking to integrate payment systems into wearables, although Axis is the first to tie-up with an actual wearable maker. In April last year, ICICI Bank launched a number of banking applications called iWear for smartwatches to offer transactional and informational services for the bank’s customers.
Axis Bank has partnered with a digital security company, e-Mudhra to facilitate digital signature facility to its customers. The new service will facilitate an Aadhaar holder to digitally sign a document within seconds. The service rides on Aadhar authentication and will generate the digital signature automatically. The generated signature is legally valid and secure. The government had launched this service early this year as part of its #DigitalIndia campaign.
E-commerce giant Flipkart is expanding its loan scheme to all its merchants 5 months after it began a pilot with 250 sellers and disbursed loans worth Rs 50 crore in collaboration with top banks and financial institutions. Similarly, Amazon and Flipkart are also attracting their sellers to maximize the sales. The company has tied up with State Bank of India, Axis Bank, India Infoline Financial Ltd, Bajaj Finserv, NeoGrowth Credit Pvt Ltd, LendingKart and Capital First to provide loans to its sellers.
Axis Bank has launched a display variant debit card which does away with the hassles of generating One Time Password over SMS while transacting. The EMV chip embedded card is only available for its high-value NRE customers. The card has a display screen and a touch-sensitive button which helps generating the OTP on the card itself.
Now users can transfer funds via WhatsApp, Facebook, Twitter, e-mail and even phone contact lists using Axis Bank’s Ping Pay service, a unique multi-social payment app in partnership with Fastacash, a Singapore-based VC backed firm that enables value transfers like money, airtime, coupons, etc. P2P fund transfers through Ping Pay happen via IMPS and transaction is currently limited to Rs 5000 a day.