Axis Bank launches 'Micropay' on 'PIN on Mobile' technology

Tags: Economy/Finance National News

Axis Bank launched a groundbreaking payment solution called "Micropay" by Razorpay and MyPinpad in association with technology partners Ezetap.

An Overview of the News

• Micropay is a "Pin on mobile" solution that enables a merchant's smartphone to act as a Point-of-Sale (POS) terminal, providing a unique customer experience and simplifying digital payments.

• This solution has the potential to revolutionise digital payments in India, especially in Tier-2 and Tier-3 cities where retail and grocery stores often have limited working capital and need cost-effective payment options.

• The launch of Micropay by Axis Bank is expected to have a significant impact on small businesses, making digital payments more accessible and cheaper.

About 'Micropay' and 'PIN on Mobile' technology

• The new Pin on mobile technology offers merchants an affordable way to accept payments through cards, UPI and BAR codes while maintaining high security standards.

• Pin on mobile technology is a small, low-cost card reader that connects via Bluetooth to a merchant's smartphone.

• Customers can enter their Pin directly on the merchant's device, in compliance with PCI standards for software-based Pin entry on COTS phones, ensuring the security of the Pin.

Harshil Mathur, CEO of Razorpay

Beas Nambisan, CEO of Ezetap