India-based Axis Bank has partnered with American multinational payment card services corporation Mastercard to launch the NFC Soundbox solution. The NFC Soundbox facilitates acceptance of various payment methods including Bharat QR, UPI, Tap & Pay, and Tap + Pin.

Representatives from Axis Bank noted that the device aligns with the bank's asset lite strategy, offering quality products at an accessible price to penetrate small merchant segments with secure and PCI-compliant payment solutions. The device features dual confirmation capabilities, providing audio cues and visual feedback in multiple languages for a seamless transaction experience. Merchants can use the Tap + Pin functionality to accept transactions exceeding Rs 5,000 via card instruments.

Officials from Mastercard highlighted the NFC Soundbox as an efficient and secure solution for consumers and small merchants. The device is equipped with 4G + Wifi capabilities and is compatible with major payment networks including Visa, RuPay, and American Express. Other developments from Axis Bank Axis Bank Limited, formerly known as UTI Bank, is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra.

It is India's third-largest private sector bank by assets and fourth-largest by market capitalisation at the time of writing. In February 2024, the digital payments app Paytm partnered with Axis Bank to support the settlement of merchant payments.  The collaboration followed the Paytm Payments Bank's crisis, where the Reserve Bank of India (RBI) prevented the banking unit from receiving further deposits, engaging in credit transactions, or accepting wallet uploads as of 29 February 2024. Paytm entered its partnership with Axis Bank to initiate the settlement of merchant transactions, with One97 Communications, the parent company of Paytm, moving its nodal account to the latter from Paytm Payments Bank.

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