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Axis Bank & Mastercard launch NFC Soundbox to fuel card payment acceptance

By Gloria Mathias

May 30, 2024

  • American Express
  • Axis Bank
  • Bharat QR
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Axis Bank, Travel, Travel offers, credit card, Credit Card Management, Domestic flights, International flights, Liquidity, Privilege Credit Card, American Express, Fintech News, Cards offering, Cards acceptance, Cards Management, Fintech news India, Fintech India, Moneythor, Singapore FinTech news, Overall Banking experience, Mastercard, NFC Soundbox, Fintech solutions, Bharat QR, Axis Bank has announced the launch of NFC Soundbox in collaboration with Mastercard. The new soundbox will act as an all-in-one solution for accepting 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 7 languages.

The new Soundbox will be powered by 4G + Wi-Fi capability, which provides superior connectivity and seamless transaction processing. It will also be capable of supporting deep integration with third-party applications.

Axis Bank and Mastercard’s collaboration on the NFC Soundbox will help drive card payment acceptance among small merchants. The new device will also be available on all payment networks, such as Visa, RuPay, and American Express.

Sanjeev Moghe, President & Head of Cards & Payments at 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. Through this initiative, we strive to deliver the best possible solutions to both merchants and their customers by offering multiple modes of payment via different channels. This device aligns with the Bank’s asset lite strategy to provide products and 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.”

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 the NFC Soundbox is another example of a form factor that provides consumers with access to quick and highly secure card transactions. Mastercard is delighted to collaborate with Axis Bank to power the launch of this unique device, furthering digital payment acceptance among India’s small merchants and MSMEs.”

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