One of the world’s leading payments player Mastercard has inked an agreement with Axis Bank and French payments service provider Worldline to convert smartphones into point of sale (PoS) devices.
With this arrangement, they are looking to enable retailers and small merchants to accept digital payments through cards and other modes without a POS machine. They are aiming to expand that infrastructure for contactless card payments while replacing swipe machines across the country.
However, the feature will work only on smartphones which are NFC enabled. Retailers will be provided with a mobile application which will allow them to accept payments from debit or credit cards.
Besides accepting digital payments, the application will also offer retailers with subscription-based services such as digital onboarding and digital accounting services on a single interface.
Meanwhile, the application will also enable businesses with an option to offer digital services to customers. This functionality has been integrated into the application by Chennai-based SaaS major Zoho, according to a report by Economic Times.
With this offering, Mastercard has joined the likes of Amazon, Google, Paytm and JioMart which are also working on digitisation of retailers while ramping up their plans to get a chunk of the highly unorganised offline to online (O2O) retail market in India.