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

CSIR Foundation Day 2026: Council of Scientific and Industrial Research Turns 85

The Council of Scientific and Industrial Research (CSIR) will be celebrating the 85th anniversary of…

39 minutes ago

Sawan Barwal Wins Silver in Asian Games 2026 Marathon

India’s Sawan Barwal clinched a silver medal in the men’s marathon at the 2026 Asian…

1 hour ago

S Jaishankar Signs UN Convention Against Cybercrime

The External Affairs Minister of India, S. Jaishankar, signed the UN Convention against Cybercrime on…

1 hour ago

Asian Games 2026: India Wins Silver in Women’s 50m Rifle 3P Team Event

India won the silver medal in women’s 50m rifle 3P team event at the Asian…

2 hours ago

Asian Games 2026: India Women Win Kabaddi Gold, Beat Iran 37-33

The Indian women's kabaddi side won their gold medal game against Iran by 37-34 on…

2 hours ago

Mandeep K Bhandari Appointed New CBSE Chairperson

The central government has nominated Mr. Mandeep K Bhandari, an Indian Administrative Service (IAS) officer…

2 hours ago