InvestorQ : Do you see any major benefits from the recent tie-up between MasterCard and Axis Bank?
Aditi Sharma made post

Do you see any major benefits from the recent tie-up between MasterCard and Axis Bank?

Answer
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swati Bakhda answered.
4 months ago


MasterCard, one of the two largest franchises for cards, tied up with Axis Bank and French payment service provider World-line, to bring embed the functionality of POS (point of sale) machines inside the Android smartphones of small merchants.

This will be a big boost for digitization making it cheaper and a lot simpler.

This will be largely used to support contactless car payment for purchases up to a certain threshold only.

In this new system, Android devices enabled with Near Field Communication (NFC) technology can safely accept payments without the customer swipe the card. This could be huge since 85% of card transactions in India area less than Rs.2000 in value.