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.

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

Which Place is known as the Diamond Capital of the World?

Did you know that diamonds travel across the world before reaching jewelry stores? These sparkling…

13 hours ago

List of Major LPG Gas Companies in India, Check the Names

Did you know that millions of homes in India rely on LPG cylinders every day…

13 hours ago

WHO Foundation and Novo Nordisk Launch Initiative to Tackle Childhood Obesity in India

The WHO Foundation and Novo Nordisk have announced the collaboration and it is aimed at…

15 hours ago

Which Fish Can Produce Electricity?

Did you know that some creatures in nature can produce electricity just like a battery?…

16 hours ago

HDFC ERGO Appoints Parthanil Ghosh as New MD and CEO

HDFC ERGO General Insurance has officially announced the appointment of Parthanil Ghosh as its new…

16 hours ago

India Overtakes China as Top Exporter of Cotton Products to the US in 2025

India has overtaken the China to become the largest exporter of cotton products to the…

16 hours ago