Mastercard has joined hands with Axis Bank and financial services company Worldline to launch Soft POS, the first such financial payments service in India. The facility is expected to transform everyday smartphones into merchant PoS terminals. The solution comes with various features for the merchant community, which can start using it almost instantly as the online registration process with the acquiring bank takes less than 30 minutes. The solution is available as a white label solution to all banks and payment aggregators in the industry. Soft POS addresses the needs of small businesses, especially during these challenging times of covid. The solution enables face-to-face payments with Bharat QR and NFC payments, as well as remote payments for home deliveries via link-based payments. The app also allows banks to have complete visibility of a merchant’s transactions, making it easier for small merchants to get business loans. The application is available in 8 languages and easily links with platforms such as Google Pay, WhatsApp Pay, Amazon Pay, amongst others.
