Private sector lender Axis Bank on Thursday (23rd March 2023) launched 'MicroPay', first pocket-sized swipe machine of India, based on 'Pin on Mobile' technology for accepting digital payments.
* The bank launched 'MicroPay' along with Ezetap by Razorpay and MyPinpad as the technical solution partners.
* 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.
'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...
Source : CNBC