Private sector bank Axis Bank on Tuesday launched a new payment acceptance app for all merchant needs — neo for merchants — in tie-up with VISA and merchant SaaS platform for banks Mintoak. The app allows merchants to accept payments, view transaction reports, and raise service requests without relying on the relationship manager.
Merchants would be able to accept payments via Cards, SMS Pay and UPI from the app along with access transaction and settlement reports, the bank said.
Speaking on the new app, Sanjeev Moghe, President & Head- Cards & Payments, Axis Bank said, “We have been continuously working on comprehensive digital solutions for the merchant community, to help them lower their cost of business and accept digital payments affordably. Our newly launched neo for merchants is a one-stop solution for all business requirements of the merchant community.”
The new app would allow Axis Bank to boost its merchant-acquiring portfolio with Visa’s strength in digital payments and Mintoak’s merchant-first SaaS solutions. Axis Bank said the “collaboration with Visa and Mintoak will drive the Bank’s vision in building and deepening stronger relationships with the small and medium enterprises across the country and boost their business growth.”
“This solution underscores our continued commitment to supporting the aspirations of dynamic, enterprising Indian merchants while delivering convenience, efficiency and valuable insights for growth,” said Rishi Chhabra, Head of Merchant Sales and Acquiring at Visa, India and South Asia.
Axis Bank’s SME loan portfolio grew by 20 per cent to Rs 1.04 lakh crore year-on-year in the first quarter of the current financial year from Rs 86,502 crore during Q1 FY24.
Speaking on the partnership with Axis Bank, Raman Khanduja, Co-founder and CEO of Mintoak, said, “Leveraging their (Axis Bank) trust and distribution alongside our technological expertise, the neo for merchants app is positioned to cater to the evolving needs of the merchant ecosystem in payments, finance, and commerce.”
Axis Bank claimed to be the largest player in the merchant-acquiring business in India with a POS terminal market share of 20.8 per cent (18.67 lakh terminals) as of June’24.