Mastercard, Axis Bank and World line have launched Soft POS app which transforms smartphones into merchant Point of Sale (POS) terminals.
According to the Bank’s official statement,the merchants can start using Soft POS almost instantly as the online registration process with the acquiring bank takes less than 30 minutes. During times of COVID-19 the solution enables face-to-face payments with Bharat QR and NFC payments,as well as remote payments for home deliveries. The app, makes it easier for small merchants to get business loans.
Soft POS provides a cost-effective card acceptance solution for all micro-merchants and SMEs in India and eliminates the need to invest in a POS device. Merchants across the country now have an option to accept contactless payments directly via their own Android smartphones.
This functionality is called “Tap on Phone” which means a card holder can tap his/her contactless card on the merchant Smart phone with NFC functionality and hence encourages social distancing.
The app comes with many other features. ;Zoho Business Solutions is s part of Mastercard’s partnership. The entire business can be run online with Zoho’s 45+ integrated suite of business apps at an exclusive price Vikas Saraogi, Vice President, Head of Acceptance, South Asia, Mastercard said,“ This solution is an opportunity for us to support micro-merchants in conducting their business smoothly with contactless payments.
“Commenting on the announcement, Sanjeev Moghe, Head- Cards & Payments, Axis Bank, said, This collaborative effort of Mastercard, Worldline and Axis Bank, open up a different channel for this community but also helps in penetrating the unexplored horizons of small ticket size merchants.’