Axis Bank, one of the largest private banks and credit card issuers, has introduced a new, modern NFC Soundbox in partnership with Mastercard. This innovative soundbox is designed to simplify merchant payments and has several unique features. It can accept various forms of payment, including Bharat QR, UPI, Tap & Pay, and Tap & Pin payments. Axis Bank is the first bank to accept Tap + Pin payments through a soundbox.

Equipped with 4G and WiFi capabilities, this soundbox provides an all-in-one solution by accepting Tap & Pin payments, allowing merchants to accept payments exceeding ₹5,000. An official statement mentioned that the device will have a dual confirmation feature. It will provide audio cues through its speaker and visual feedback on the screen in over seven languages. This will ensure a smooth and reassuring transaction experience for merchants and consumers.

Axis Bank NFC Soundbox simplifies Tap-and-Pin payments in India

This new technology will increase credit card acceptance for small merchants throughout India. Even more impressive is that this NFC box can accept payments from Visa, RuPay, and even American Express. Merchants can opt for this box at an affordable rental of ₹199 per month.

Sanjeev Moghe, President & Head- Cards & Payments, Axis Bank, said, “The Bank has always been at the forefront of innovation by introducing various form factors and digitizing the onboarding journey of merchants. This expansion will ensure that our capability stack offers state-of-the-art payment solutions while prioritising a faster and secure payment ecosystem. Through this initiative, we strive to deliver the best possible solutions to both the merchants and their customers by offering multiple modes of payments via different channels.”

Gautam Aggarwal, Division President of South Asia at Mastercard, commented on the collaboration, stating, “What is taking place in India is a playbook for the rest of the world in terms of innovation in digital payments at population scale. The launch of NFC Soundbox is another example of a form factor which provides consumers with access to quick and highly secure card transactions. At the same time, small merchants will be able to use a cost-effective all-encompassing payment solution. Mastercard is delighted to collaborate with Axis Bank to power the launch of this unique device, furthering digital payments acceptance among India’s small merchants and MSMEs.”

Bottom Line

Axis Bank is a prominent player in the merchant-acquiring business in India, currently holding a 19.8% market share in the POS terminal market as of March 2024. Over the past 12 months (April 2023 – March 2024), the bank has experienced a significant 28% increase in market share. By introducing the new and innovative all-in-one solution NFC Soundbox, Axis Bank aims to enhance its business further and expand its reach among merchants.

This new collaboration between Axis Bank and Mastercard on the latest NFC Soundbox will facilitate easy and secure credit card payments, providing a major boost to card acceptance among small merchants.

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