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Axis Bank launches ‘MicroPay’, India’s first pocket-sized swipe machine, based on Pin on Mobile technology; 30% cost effective than traditional PoS devices
Partners with Razorpay & MYPINPAD, UK based technology provider, to bring this to the Indian merchants
National, March 23, 2023: Axis Bank, India’s third largest private sector bank have launched the revolutionary PIN on Mobile solution for accepting digital payments, in the Indian market, along with Ezetap by Razorpay & MyPinpad as the technical solution partners. ‘MicroPay’ is a revolutionary ‘PIN on Mobile’ solution that converts a merchant’s smartphone into a Point-of-Sale (POS) terminal, thereby simplifying digital payments and delivering a unique customer experience. It will be a true game-changer for businesses across India, especially for the retail and kirana shops in Tier-2 and 3 cities that operate on limited working capital and would prefer cost-effective payment solutions
While the adoption rate of digital Point of Sale (POS) systems has increased in India, the device cost sometimes acts as a deterrent for MSMEs. The PIN on Mobile technology converts a merchant's smartphone into a POS and offers them a cost-effective means to accept payments through card, UPI, BQR-code etc., while maintaining the highest security standards.
This pocket-sized device is a small low-cost card reader which supports “insert” and “tap” options for debit and credit cards. This secure card reader is connected to the merchant's smartphone through Bluetooth and allows customers to punch in their PIN directly on the merchant's smartphone. The security of the PIN is ensured by being compliant with PCI standards for Software-based PIN Entry on COTS (SPoC) phones.
Commenting on the announcement, Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, said, “We have been working on innovative & affordable POS solutions for the merchant community to help them adopt digital payments at scale, by providing a lower cost but secure payment acceptance device. The merchant community in rural India is adapting to the digital payments infrastructure and we believe that this MicroPay solution will contribute immensely towards improving their experience and introducing them to a new & modern method of accepting digital payments. With its compact design, robust features & lower costs, we believe that MicroPay will transform the POS ecosystem and pave the way for adoption of digital payments in scale. This will also help drive growth and penetration in our Bharat banking initiative, leading to more merchants coming under the financial inclusion and digital payments framework.”
Talking about the first-in-the-country move, Byas Nambisan, Chief Executive Officer, Ezetap by Razorpay, said, “We have always strived to bring innovative solutions in digital payments for the benefit of Indian retailers and consumers. We are thrilled to bring the ‘PIN on Mobile’ technology to our Indian customers for the first time and believe that this will help make access to digital payments easier, secure and cost-effective. Of late, the adoption of digital payments has increased significantly, and we believe this technology will provide a further push to it. By transforming the merchant’s smartphone into a payment POS, we hope to reduce the overall POS cost by 30 percent. We will continue to bring the latest payment technologies in India to simplify digital payment acceptance for all our merchants.”
Commenting on the partnership,Hervé Alfieri, Chief Revenue Officer at MYPINPAD, said, “We are delighted to partner with Ezetap by Razorpay to introduce our PCI-certified mobile payments solution to Indian businesses. Our focus has been to build gateway agnostic, cloud-based platforms that harness the power of mobile devices to enable merchants of all sizes to accept payments securely. Our technology will help businesses elevate their customer experience while providing enhanced security, reduced risk, and significant cost savings.”
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