Mintoak & Axis Bank to simplify merchant payments and business solutions

By Gloria Mathias

Mintoak and Axis Bank have announced a partnership, marking a step in their shared mission to support SMEs. Through this collaboration, Axis Bank will utilise Mintoak’s white-labelled mobile SaaS platform, enabling SMEs to accept payments, access transaction reports, and submit service requests directly through the app.

Together, they have launched neo for Merchants, a payment acceptance and commerce enablement app. The partnership also seeks to promote financial inclusion and expand the adoption of digital payments within the merchant ecosystem.

Merchants today face a range of challenges, from managing old and fragmented payment systems to dealing with high operational costs and a reliance on external support for transactions and service requests. Small and medium enterprises especially struggle with adopting digital solutions due to inadequate support and user-friendly technology.

The new merchant platform addresses these issues by providing an all-in-one, low-cost mobile application. This platform simplifies payment acceptance across multiple channels, empowers merchants to manage transactions and service requests independently, and offers valuable data insights, thereby streamlining operations and enabling SMEs to thrive in a digital-first world.

Sanjeev Moghe, President & Head of Cards & Payments, at Axis Bank, said, “We have been continuously working on comprehensive digital solutions for the merchant community to help them lower their cost of business and accept digital payments affordably. Our newly launched neo for merchants is a one-stop solution for all business requirements of the merchant community. This application is a great opportunity for us to support merchants in conducting their business smoothly, enhancing convenience, and building a robust digital ecosystem for them.”

Raman Khanduja, Co-founder and CEO of Mintoak, shared, “Our partnership with Axis Bank represents a transformative step forward for the merchant ecosystem. By combining Axis Bank’s vast reach and trust with Mintoak’s technology, we are delivering a robust, all-in-one platform that empowers merchants to manage payments and business operations seamlessly. With this collaboration, local retail shop owners will get access to a tailored tech stack that’ll streamline cumbersome tasks like tracking sales, accepting multiple forms of payment, and more. Our collective aim is to redefine how Indian merchants conduct business, helping them overcome traditional barriers and thrive in a rapidly evolving digital economy.”