Axis Bank, one of the largest private sector banks in India, announced the launch of NFC Soundbox in collaboration with Mastercard. An industry-first proposition for the merchant community, the new soundbox will act as an all-in-one solution allowing the 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 that can accept Tap + Pin payments, enabling merchants to accept transactions greater than ₹5000 via card instruments. The device will be powered with a dual confirmation feature, providing audio cues through its 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 capability which provides superior connectivity and seamless processing of transactions. It will be capable of supporting deep integration with third-party applications as well. With Dynamic QR, the amount is automatically populated when the consumer scans the code.
Axis Bank and Mastercard’s collaboration on the NFC Soundbox will help drive card payment acceptance among small merchants. The Soundbox’s innovative and cost-effective proposition along with a seamless transaction experience will help drive quick and secure contactless card payments, leading to cardholder delight.
The new device will also be available on all leading 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 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. This device aligns with the Bank’s asset lite strategy to provide products/solutions of superior quality at an affordable price. The NFC Soundbox will help the Bank further penetrate the small merchant segments with cost-effective and simple payment solutions that are secure and compliant with PCI standards.”
Commenting on the collaboration, Gautam Aggarwal, Division President, South Asia at Mastercard, said, “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 that 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.”
Axis Bank is the largest player in the merchant-acquiring business pan India, with POS terminal market share of 19.8% as of March’24. With an installed base of 17.60L terminals spread across the country, it serves all categories of merchants from the metro cities, and urban and rural areas. The Bank has gained an incremental market share of 28% in the last 12-month period (April’23-March’24).
