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

India Unveils First Air Taxi Prototype: How eVTOL Aircraft Work, Features, Benefits and Challenges

India has taken a significant step towards the future of urban transportation with the blessing…

10 hours ago

Commonwealth Games 2026: India’s 120-Member Contingent – Full Squad, Flag Bearers and Key Highlights

The 23rd edition of Commonwealth Games is slated to take place in Glasgow, Scotland from…

11 hours ago

Takeda’s QDENGA Becomes India’s First Approved Dengue Vaccine

India has granted authorization for its first dengue vaccine to be used, which indicates a…

11 hours ago

Supreme Court Asks Centre to Frame Uniform Post-Retirement Norms for High Court Judges

The Supreme Court has instructed the Central Government to form a committee within two weeks…

11 hours ago

Mukhyamantri Swasth Bastar Abhiyan Improves Maternal and Child Healthcare in Sukma

The Mukhyamantri Swasth Bastar Abhiyan (Chief Minister's Health Bastar Mission) is showing satisfactory results as…

12 hours ago

Index of Core Industries Growth Rises 5% in June 2026 Under Revised 2022-23 Base Year Series

India's Index of Core Industries (ICI) witnessed a 5% growth year-on-year in June 2026 as…

13 hours ago