Categories: Banking

Axis Bank launches ‘MicroPay’ based on ‘Pin on Mobile’ technology for digital payments

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.

Axis Bank launches 'MicroPay', 30pc cost effective than PoS – The Business BytesAxis Bank launches 'MicroPay', 30pc cost effective than PoS – The Business Bytes

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.

You may also read this:

Find More News Related to Banking

 

 

Piyush Shukla

Recent Posts

India Unveils First Genome-Edited Rice Varieties

In a groundbreaking development, India has become the first country in the world to develop…

23 mins ago

DRDO Successfully Conducts Maiden Flight of Stratospheric Airship Platform

On May 3, 2025, the Defence Research and Development Organisation (DRDO) successfully conducted the maiden…

26 mins ago

World Portuguese Language Day, Date, History, Significance

On 5 May 2025, countries around the globe observed World Portuguese Language Day, an occasion…

1 hour ago

Parameswaran Iyer to Represent India at IMF Board Amid Strategic Global Meeting

In a significant development just ahead of a crucial International Monetary Fund (IMF) meeting scheduled…

2 hours ago

ITBP Scales Mt. Makalu: Historic Feat in Twin Peak Expedition

In a remarkable achievement, a 12-member team of the Indo-Tibetan Border Police (ITBP) successfully scaled…

2 hours ago

Top 10 Best and Worst Countries For Press Freedom Index 2025

The World Press Freedom Index 2025, published by Reporters Without Borders (RSF), paints a concerning…

2 hours ago