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

Who Designed the Indian National Flag? The Story About the Tricolour

As India celebrating its 80th Independence Day in 2026, there are many historical events that…

1 day ago

Who Wrote the Indian National Anthem? Know the History, Author and Important Facts

India’s National Anthem “Jana Gana Mana” is one of the most important national symbols of…

1 day ago

Indian Independence Act 1947: Background, Features, Provisions and Significance

The Indian Independence Act 1947 which was one of the most significant constitutional landmarks in…

1 day ago

List of Books and Biographies on India’s Freedom Fighters

The struggle for Indian freedom was waged not just on the streets and in jails…

1 day ago

Top 50 Independence Day GK Questions for SSC, Railway & Banking Exams

India celebrates its 80th Independence Day on August 15, 2026, after completing 79 years of…

1 day ago

India at 80: How Far Have We Come Since 1947? 10 Numbers That Tell the Story

India’s history since its Independence is a unique story of economic and social development. At…

1 day ago