Axis Bank has launched a new credit card, the ACE card, in collaboration with Google Pay and Visa. The card uses tokenization through Google Pay to allow users to make transactions without having to enter their card details.
The ACE card is specifically designed for digital-native professionals for their everyday spends, said Sanjeev Moghe, executive vice-president and head, cards and payments, Axis Bank. It’s cashback proposition is tailored in a way that feeds into non-discretionary expenses such as bill payments.
How does it work?
In September, Google rolled out support for card-based payments with its tokenization feature on Google Pay. Launched in collaboration with Visa and banking partners like State Bank of India (SBI) and Kotak Mahindra Bank, aside from Axis Bank, the facility allows users to safely transact at NFC-enabled PoS terminals through tap-and-pay, as well as online. A digital token is attached to the device to make a transaction, and the payment can be made without sharing card details.
“There is a huge opportunity to bring financial services to all, through partnerships between banks and technology companies,” said Moghe.
What’s on offer?
The ACE card offers several cashback benefits, including unlimited cashback of 2% on all transactions, excluding EMIs, cash withdrawals, fuel purchase and wallet loading. It has more rewards for customers paying for essential spends. For instance, currently there’s a 5% cashback on recharges and bill payment transactions, including electricity, internet, gas, and mobile recharge, made through Google Pay.
Other debit and credit cards by Axis Bank and other banks also offer cashback benefits, but the terms and conditions and use cases may differ.
According to Raj Khosla, founder and CEO, MyMoneyMantra, the ACE card is a good pick for new-age digital users, given that it offers a multitude of cashback offers on day-to-day transactions. Also, the card enables transactions without having to share card details, which creates a more secure and frictionless experience.