Mumbai: India's third largest private sector bank, Axis Bank, has announced the launch of a mobile phone based-card acceptance service.
Introduced in association with technology providers Prizm Payments and Mswipe Technologies, the service called Swipeon will convert any mobile phone into a card acceptance device by simply attaching the Mswipe card reader to the phone.
The bank expects this mobile-based card acceptance to benefit merchants with home delivery services, cash-on-delivery agents, taxi drivers and others as they can easily accept card payments, with very small investments on their part.
"Swipeon will eliminate all costs associated with cash handling like loss, theft, accounting delay, etc" Axis Bnk said in a statement. " Swipeon service can be delivered through any mobile phone - be it a feature phone or smart phone (android IOS) platform."
Swipeon includes a card reader attached to a mobile phone which works as a POS terminal, and the customer is sent a receipt of the transaction via SMS or email.
''If India wants to move towards a more cashless economy, it is imperative that small establishments, home delivery and cash on delivery agents, taxis and autos are able to accept card payments - on the move, quickly, easily, and cheaply," said Jairam Sridharan, head consumer lending & payments, Axis Bank, introducing the service.