This will be a real game changer for merchants across India, especially retail and kirana shops in tier 2 and 3 cities operating on limited working capital, providing a better system of choosing cost-effective payment solutions, the bank said.
The bank has introduced a small and inexpensive card reader as a pocket-sized gadget that allows “insert” and “tap” options for debit and credit cards. Customers can enter their PIN on the merchant’s smartphone using this secure card reader connected via Bluetooth. PIN security is ensured by meeting PCI standards for software-based PIN entry in smartphones.
It is also working on innovative and cost-effective POS solutions to help merchants accept digital payments by providing low-cost and secure payment acceptance. The bank clarified. The merchant community in rural India is adapting to digital payment infrastructure. This micropay system will be very beneficial to enhance their experience and introduce them to a new and modern way of accepting digital payments.
Axis Bank says MicroPay’s superior features, low cost and size will make the POS ecosystem more convenient and open a new opportunity for widespread adoption of digital payments. Also, it will promote expansion and outreach of Axis Bank’s Bharat Banking program and encourage more merchants to join the framework for digital payments through financial inclusion.
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By turning a merchant’s smartphone into a payment POS, the bank also hopes to reduce overall costs by 30 percent. Adoption of digital payments has increased exponentially, this technology will further accelerate it. Axis Bank also said it will continue to bring the latest payment technologies to India to simplify digital payment acceptance for all merchants.
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