Mastercard, Axis Bank tie up to bring POS machines to smartphones

MUMBAI: Digital payment giants Mastercard has tied up with Axis Bank and French payment service provider Worldline, to bring the functionality of Point of Sale devices onto android smartphones of small merchants in India while also providing store owners value added digitisation services.

The aim is to expand acceptance infrastructure for contactless card payments in the Indian market by reducing costs of physical deployments by replacing swipe machines with an application on their NFC enabled smartphones, senior executives from these companies told ET.

The card network provider along with private sector lender on Thursday announced the launch of the app that’ll allow for subscription-based services such as digital onboarding, payment acceptance and digital accounting services on a single interface for small merchants.