Fintech
Axis Bank and Mastercard Partner to Launch NFC Soundbox
One of the largest private sector banks in India, Axis Bank AND MasterCard, announce the launch of NFC Soundbox. An industry-first proposition for the merchant community, the new soundbox will serve as an all-in-one solution enabling users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments.
With this launch, Axis Bank will be the first bank in India to introduce a Soundbox capable of accepting Tap + Pin payments, enabling merchants to accept transactions above ₹5000 via card instruments. The device will feature a dual confirmation function, providing audio signals through the speaker and visual feedback on the screen in more than seven languages, ensuring a smooth and reassuring transaction experience for both merchants and consumers.
The new Soundbox will be powered with 4G + Wifi capabilities which provides superior connectivity and seamless transaction processing. It will also be able to support deep integration with third-party applications. With Dynamic QR, the amount is automatically populated when the consumer scans the code.
The collaboration between Axis Bank and Mastercard on NFC Soundbox will help promote card payment acceptance among small merchants. Soundbox’s innovative and cost-effective proposition, coupled with a seamless transaction experience, will help promote fast and secure contactless card payments, much to the delight of cardholders.
The new device will also be available on all major payment networks, such as Visa, RuPay and American Express.
Speaking at the launch event, 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 merchant onboarding journey. This expansion will ensure that our capability stack offers cutting-edge payment solutions, prioritizing a faster and more secure payment ecosystem. Through this initiative, we are committed to providing the best possible solutions to both merchants and their customers by offering multiple payment modes through different channels. This facility is in line with the Bank’s asset lite strategy of providing superior quality products/solutions at an affordable price. NFC Soundbox will help the Bank further penetrate the small merchant segments with simple and cost-effective payment solutions that are secure and PCI compliant.”
Commenting on the collaboration, Gautam Aggarwal, president of Mastercard’s South Asia division, said, “What is happening in India is a blueprint for the rest of the world in terms of population-scale digital payments innovation. The launch of the NFC Soundbox is another example of a form factor that provides consumers access to fast and highly secure card transactions. At the same time, small merchants will be able to use a global and cost-effective payment solution. Mastercard is delighted to partner with Axis Bank to enhance the launch of this unique device that promotes digital payment acceptance among small merchants and MSMEs in India.”