Tag: Axis Bank

Business

SystemSePay | SystemXs.ai Debuts at Global Fintech Festival

Sep 3, 2024 by Mansi Praharaj 0 Comments #Axis Bank, #cards, #Financial Management, #Global Fintech Festival, #Global Fintech Festival (GFF) 2024, #Gopal Rohra, #multiple banking systems, #net banking, #NPCI-Bharat Bill Payment Limited (NBBL), #Sunil Ghumatkar, #SystemSePay, #SystemXs.ai, #UPI, #Vishal Shetty

Mumbai, India – 3rd  Sep 2024: SystemSePay | SystemXs.ai Debuts at Global Fintech Festival GFF-2024, Ushering in a New Era of B2B Invoice-Based Payment Systems.

SystemSePay, an innovative and fully interoperable invoice-based payments system, was officially showcased at the prestigious Global Fintech Festival (GFF) 2024. The product showcase event was officiated by Mr. Sunil Ghumatkar, Managing Director; Mr. Vishal Shetty, Director of Product Development; and Mr. Gopal Rohra, Director of Technology.

SystemSePay is set to transform the B2B payments landscape with its comprehensive suite of features, specifically designed to streamline and automate business transactions. The platform enables businesses to seamlessly onboard as buyers or sellers, generate unique B2B IDs, and efficiently manage invoices. From raising, sending, and receiving invoices to processing them directly within the system, businesses can now optimize their transactions for greater efficiency. The platform also empowers users to accept or reject invoices, receive acknowledgments, and send automated payment reminders, ensuring that settlements are timely and accurate.

Additionally, SystemSePay offers diverse payment options, including UPI, net banking, and cards, to meet the varied needs of businesses across industries. The platform also supports invoice discounting in the next phase of its launch, providing opportunities for businesses to benefit from early payment discounts, which can enhance cash flow and financial planning. To further improve financial management, SystemSePay includes functionalities for downloading payment receipts, automating accounting entries, and streamlining bank reconciliation and settlement processes.

As a Participating Agent Institution under NPCI-Bharat Bill Payment Limited (NBBL), with Axis Bank as its operating unit, SystemSePay stands as an interoperable invoice-based payments platform uniquely positioned to facilitate fully connected B2B transactions across multiple banking systems. This platform acts as a crucial link in the digital payments infrastructure, enabling businesses to conduct transactions with unprecedented ease and security.

During the event, it was emphasized that “SystemSePay is more than just a payment platform; it represents a groundbreaking leap in the digital transformation of India’s B2B sector. By streamlining complex transactions and equipping businesses with the tools they need to thrive, SystemSePay is poised to reshape the business landscape across the country. It offers unparalleled efficiency and opens up vast growth opportunities for businesses nationwide.”

“#AbbIndiaBolegaSystemSePayKaro!”

Business

VST Tillers Tractors Ltd and Axis Bank partners to offer Financial Solutions to Farmers for Farm Equipment’s

May 22, 2024 by Mansi Praharaj 0 Comments #Antony Cherukara, #Axis Bank, #Bharat Banking, #Farm Mechanisation products, #Mr. Antony Cherukara, #Munish Sharda, #private sector banks, #private sector banks in India, #Rajesh Dhage, #Ramasawmy Gopalakrishnan, #V T Ravindra, #VST Tillers Tractors Limited (VST), #VST Tillers Tractors Ltd

Bengaluru, 22nd May 2024:VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, signed a Memorandum of Understanding (MOU) with Axis Bank, one of the leading private sector banks in India, to offer financial solutions to the farmers for purchasing tractors and Farm Mechanisation products. As per the agreement, Axis Bank will provide financial solutions to VST’s prospective customers through its extensive network of 5370+ branches spread across geography.

The MOU was signed by Mr. Antony Cherukara, CEO of VST Tillers Tractors Ltd and Mr. Rajesh Dhage, Business Head of Farm Mechanization, Axis Bank, in the gracious presence of Mr Ramasawmy Gopalakrishnan, Head – Retail Assets for Bharat Banking, Axis Bank, and Mr. V T Ravindra, Managing Director of VST Tillers Tractors Ltd.

As per the MOU both the companies will leverage their extensive footprint to reach out to the farmers community to ensure that they have an easy access to credit facility for adapting farm mechanization. This partnership will enable farmers to avail hassle-free, affordable, and flexible credit facilities to transform the agricultural sector. The Bank will offer flexible repayment options, swift sanctions, and special benefits on EMI options to encourage the farmers to opt for adapting farm mechanization.

Speaking on the occasion of signing the MOU, Mr Antony Cherukara, CEO, of VST Tillers Tractors Ltd. said “We are delighted to partner with one of the leading Banks in the country and make our innovative farm equipment more accessible and affordable to farmers. Our partnership is aligned with our joint goal of enabling farmers in rural India to mechanize farming and thereby increase productivity. At VST, it is our constant endeavour to facilitate ease of farming, by bringing down the overall time and cost of farming and improving output and farm income. We are sure that this MoU will especially help small and marginal farmers in availing hassle-free credit facilities for buying our products.”

VST Tractors and Axis bank

Mr. Munish Sharda, Executive Director, and Head – Bharat Banking, Axis Bank, said, “It has been our constant endeavour to engage and empower rural communities and marginal farmers by providing them with the most suitable financial solutions. By partnering with VST Tillers Tractors Ltd, we have combined forces to address various financial challenges faced by these communities, while encouraging them to adopt effective farming techniques. As we strengthen our alliance with numerous partners and pioneers from rural India, we are confident of making a positive and meaningful impact in the lives of millions of farmers across the nation.”

Both organizations share a common vision of empowering farmer community by providing hassle-free solutions and encouraging entrepreneurship in the agricultural sector. Axis Bank will offer easy finance options, with minimal documentation, to encourage farmers to adopt innovative techniques for enhancing their productivity and thereby, increase their income. This collaboration is an important step towards supporting and empowering the agricultural sector.

Business World

PhonePe partners with Axis Bank on UPI Multi-Bank

Feb 8, 2021 by Neel Achary 0 Comments #Axis Bank, #EVP & Head – Cards & Payments, #Hemant Gala, #PhonePe, #Sanjeev Moghe, #VP Financial Services & Payments

PhonePe, India’s leading digital payments platform, today announced that it has partnered with India’s third largest bank, Axis Bank on UPI multi-bank model giving its users the option to create and use multiple UPI IDs with Axis Bank’s “@axl” handle.

In addition, PhonePe will also start acquiring merchants with Axis Bank in addition to its partnership with YES Bank. This is in line with the company’s philosophy of offering users and merchant partners a seamless transaction flow. Collaborating with multiple banking partners will further strengthen the overall service reliability and uptime of PhonePe’s offering.

Commenting on the announcement, Hemant Gala, VP Financial Services & Payments, PhonePe said, “At PhonePe, our foremost priority is to provide the best in class payments experience to our users. We are excited to partner with Axis Bank to provide our users an option to create and transact using @axl handle on PhonePe. Our platform now enables the users to choose between multiple handles for their UPI transactions on the multi bank model. This partnership with Axis Bank will ensure greater business continuity for both our customers and merchant partners making their transaction experience seamless.”

Speaking on the partnership, Sanjeev Moghe, EVP & Head – Cards & Payments, Axis Bank said, “It is our constant endeavour at Axis Bank to build on strategic alliances and digital solutions that help us meet our customers’ ever-evolving needs. This collaboration with PhonePe strengthens our commitment towards digitization of the Indian payment ecosystem. It will help expand our reach to customers and the merchant community, while offering secure and seamless payment experiences. “

Business World

Axis Bank launches ACE Credit Card, in collaboration with Google Pay & Visa

Oct 12, 2020 by Gouri Achary 0 Comments #ACE Credit Card, #Ambarish Kenghe, #Axis Bank, #Google Pay & Visa, #Sanjeev Moghe, #TR Ramachandran

With consumer preference for digital payments growing steadily over the last several years, Axis Bank, in collaboration with Google Pay and Visa, today launched the ACE Credit Card. The card is designed for the growing base of users keen to participate in the digital economy. Payments for essential use cases like mobile recharges, bill payments made via Google Pay earn users 5% in cashback. Users also get 4%-5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides for transactions made on partner merchants’ platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola. There is also an unlimited 2% cashback on all other transactions*, making it one of the most rewarding credit cards in its segment.

The ACE Credit Card is aimed at bringing a seamless, digital experience to users,  starting from application to issuance, with the entire user journey for the credit card application being completed digitally. Users will be able to get cashback directly into their ACE Credit Card accounts. The tokenization feature enabled in partnership with Visa, will allow Google Pay users to use their ACE Credit Card to make payments through a secure digital token attached to their phone without having to physically share their card details.

Commenting on the launch, Sanjeev Moghe, EVP & Head, Axis Bank Cards & Payments said: “We have been continuously working on innovation-led partnership models to offer digital banking solutions to customers. In this effort, we are delighted to have collaborated with Google Pay and Visa to launch the ACE Credit Card, one of the most rewarding credit cards in its segment, that not only offers exclusive benefits and rewards but is also designed to suit the needs of the users who want to participate in the digital economy, offering frictionless onboarding and usage experience. This collaboration and product construct will help us widen our footprint through Google Pay and broaden credit card penetration, contributing to our commitment towards the vision of Digital India and the country’s evolution to a less-cash society”.

Ambarish Kenghe, Senior Director – Product Management, Google Pay added, “We are excited to work with Axis Bank and Visa, to build on our efforts to bring helpful new features and products to our users. With ACE Credit Card, we are bringing a seamless application experience that is designed keeping the needs of users in mind. We’re hopeful that this simplicity will bring even more users into the fold of digital payments, and help more users get access to credit. Users will start seeing the ‘Credit Card’ option in their Google Pay app as we start rolling this offering out across India. We will continue to refine the product as we get inputs from the users.”

Commenting on the launch, TR Ramachandran, Group Country Manager, Visa, India & South Asia said, “Consumer attitudes towards credit cards are fast changing. This, combined with the large headroom that exists for expanding credit access and affordability, represents a significant opportunity. Today’s digital-first consumers expect simple, secure and intuitive payment experiences from credit cards – from application to issuance and transactions to rewards, and in online, in-app or in-store environments. We are excited to partner with Google Pay and Axis Bank to launch the ACE Credit Card, to enable secure, convenient and compelling product experiences for today’s customer.”

The reward structure of the card is appended. The ACE Credit Card can be availed by eligible users through the Google Pay app.

Joining Fees Rs. 499 – Waived for all applicants in 2020

In 2021, joining fee reversed if spends exceed Rs 10,000 within 45 days of issuance
Annual Fees Rs. 499 (applicable from second year of use)

Annual fee waiver at Rs 2 lakh spends in the year
Cashback Unlimited 5% cashback on Recharges & Bill Pay transactions (electricity, internet, gas, DTH, mobile recharge, and more) through Google Pay

Unlimited 4% cashback on online food delivery – Zomato, Swiggy, and cab rides – Ola

Unlimited 2% on all other transactions (exclusion of EMI, wallet load, cash withdrawal and fuel transactions)
Fuel Surcharge waiver 1% fuel surcharge waiver (valid for transactions between Rs 400 and Rs 4,000. Max benefit up to Rs 500 per month)
Limited Time Offers ●   Joining fee of Rs 499 waived for users who apply in 2020

●   Unlimited 5% cashback on Grofers & BigBasket

●   Rs 500 cashback after 3 transactions (min Rs 500 each) within 45 days of card issuance
Lounge Benefit Complimentary lounge access 4 times a year at participating domestic airports

* All transactions except EMIs, Cash withdrawals, Fuel, Wallet loads earn 2% cashback

# Transactions made on Google Pay