Axis Bank, has announced the launch of the ‘e-Wallet Card’, an online payments solution, which can used for making payments on sites that accept Visa cards, with a minimum limit of Rs 10, and a maximum limit of Rs 50,000, and a validity of 48 hours. Customers would need to log on to the Bank’s Internet Banking portal, select the e-Wallet Card option under the Cards menu, select the source account from which the funds would be debited. Each card can be used only once, which the Bank claims ensures the safety of the user’s account. Post the 48 hour deadline, the unused amount will be credited back to the bank.
(Nikhil adds) What They Need To Change
This is essentially a short term debit card generated by the bank for online transactions, that is pitching to customers a safer transaction option, with a short validity and a one-transaction limit.
As a customer, I would prefer it if the bank can create a product that offers convenience as well – change the transaction limit to, say, 5 transactions, and increase the validity to a month or two. That way, even if I don’t have a debit or credit card, it becomes easier for me to transact online, and gives me an alternative to netbanking. The problem today with online transactions is that the banks and the RBI have made them incredibly tedious: Card details are required for each and every transaction in India. In comparison, for example, for the Apple App Store or Godaddy domains, you can buy multiple products once you’d added your details.
The current product doesn’t address consumer inconvenience, only consumer fear, and banks need to enable more transactions, as much as ensure safer ones. I’m not sure if there is one in India, but we need a virtual wallet or a debit card today, where you can deposit Rs 5000-15000, and use it for online transactions. In any case, there is a Verified by Visa layer that one will have to go through for each transaction, so there is security. Are people that afraid of online transactions in India? I don’t think so. If there is a reason that I don’t transact enough online, it’s because it is tedious, and I just don’t have the patience.