Axis Bank partners with Mastercard to launch NFC Soundbox

Axis Bank on Wednesday said that it partnered with Mastercard to launch NFC Soundbox. The new soundbox will act as an all-in-one solution that will allow the users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments.

"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," Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, said in a statement.

The bank said that 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 Tap + Pin capability will enable merchants to accept transactions greater than Rs 5,000 via card instruments.

"The launch of NFC Soundbox is another example of a form factor which 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," said Gautam Aggarwal, Division President, South Asia at Mastercard.

The new Soundbox will be powered with 4G + Wifi capability. It will also be available on all leading payment networks, such as Visa, RuPay, and American Express.