Axis Bank and Mastercard collaborate to launch NFC Soundbox

 Axis Bank has announced the launch of NFC Soundbox in collaboration with Mastercard. The new soundbox is expected to act as an all-in-one solution allowing the users to accept 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 Rs 5000 via card instruments, the bank claimed.

According to an official statement, 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 statement added that the new Soundbox will be powered with 4G + Wifi capability which provides superior connectivity and seamless processing of transactions. It will also support deep integration with third-party applications as well. With Dynamic QR, the amount is automatically populated when the consumer scans the code.

The new device will also be available on all leading payment networks, such as Visa, RuPay, and American Express.

Sanjeev Moghe, President & Head- Cards & Payments, 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. This expansion will ensure that our capability stack offers state-of-the-art payment solutions while prioritising a faster and secure payment ecosystem. Through this initiative, we strive to deliver the best possible solutions to both the merchants and their customers by offering multiple modes of payments via different channels.”

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 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.”