Axis Bank, one of India’s top private sector banks, has introduced a groundbreaking payment solution called “MicroPay” in collaboration with technical partners Ezetap by Razorpay and MyPinpad.
What is MicroPay?
MicroPay is a “PIN on Mobile” solution that transforms a merchant’s smartphone into a Point-of-Sale (POS) terminal, making digital payments easier and delivering a one-of-a-kind customer experience.
Significance of this development:
This solution will have a significant impact on businesses throughout India, particularly retail and kirana shops in Tier-2 and 3 cities that have limited working capital and require cost-effective payment options. Overall, MicroPay has the potential to revolutionize digital payments in India, and be a game-changer for small businesses.
More About The ‘MicroPay’ and ‘Pin on Mobile’ technology:
- Although digital Point of Sale (POS) systems are becoming more popular in India, the cost of the devices can deter MSMEs from adopting them.
- However, the new PIN on Mobile technology provides a cost-effective way for merchants to accept payments through card, UPI, and BQR code while maintaining high security standards.
- This small, low-cost card reader connects to the merchant’s smartphone via Bluetooth and allows customers to enter their PIN directly on the merchant’s device, ensuring the security of the PIN in compliance with PCI standards for Software-based PIN Entry on COTS phones.
- The CEO of Ezetap by Razorpay, Byas Nambisan, believes that this technology will make access to digital payments easier, more secure, and more cost-effective, and will reduce the overall cost of POS by 30%.
- The partnership with MYPINPAD will provide Indian businesses with a PCI-certified mobile payments solution that will enhance their customer experience while providing enhanced security, reduced risk, and significant cost savings.
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