The first pocket-sized swipe reader in India based on “Pin on Mobile” technology was introduced by private sector lender Axis Bank. As the technological solution partner, the bank introduced “MicroPay” along with Ezetap by Razorpay and MyPinpad.
To make digital payments simpler, a recently released technology turns a retailer’s smartphone into a Point-of-Sale (POS) device. It provides them with a low-cost method of accepting payments via cards, UPI, BQR codes, etc. while upholding the greatest security standards.
The bank said, “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.”
The bank describes the small, inexpensive card reader as a pocket-sized gadget that allows both “insert” and “tap” options for debit and credit cards.
Customers can enter their PIN on the merchant’s smartphone by using this safe card reader, which is Bluetooth-connected to the device.
The security of the PIN is ensured by being compliant with PCI standards for Software-based PIN Entry on COTS (SPoC) phones, the bank said.
While commenting on the announcement Sanjeev Moghe, President and Head –Cards and Payments, Axis Bank, said, “We have been working on innovative and 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 and modern method of accepting digital payments.
Also Read | Axis Bank introduces UPI LITE for faster transactions
We are confident that MicroPay will transform the POS ecosystem and open the door for the widespread adoption of digital payments because of its small size, powerful features, and reduced costs. Additionally, this will promote the expansion and penetration of our Bharat banking program, encouraging more businesses to join the framework for financial inclusion and digital payments.”
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/