Last Monday, Axis Bank, the third largest private sector lender in the country, announced that it ranked second in the card acceptance industry as the most preferred card issuer.
The increasing number of POS (point of sale installation) base helped the bank to achieve this ranking. Axis Bank, so far, has established a POS base of over 4, 33,000 throughout the country.
According to Sangram Singh, the Head of Cards and Payment Business in Axis Bank, “The bank, in 2016-17, acquired more merchants (2, 18,000) than in the previous four fiscal years, underscoring its commitment to electronic payments”.
Axis Bank’s network with a large number of merchants indeed helped the bank to accentuate its commitment to the electronic methods of payment. Recently, the bank registered a growth of 39% in its card base issuing cards up to 2.41 million.
Post demonetization, Axis Bank has made a considerable contribution towards promoting cashless economy in India by spreading faster digital payments solutions.
The bank also announced that it would open 25 more branches in Rajasthan in the current financial year. Currently, Rajasthan has a network of 121 branches and 412 ATMs in the state.
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