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Axis Bank Launches Mobile Point Of Sales Solution With Prizm Payments

Axis Bank, an Indian private sector bank, has partnered Prizm Payments and Mswipe Technologies, to launch Swipeon - a mobile phone based card acceptance service or mobile POS terminal. As per the company, Swipeon will include a card reader device which can be attached to a mobile phone working as a mobile POS terminal, while the customer is sent a receipt of the transaction via SMS or Email. The service can be delivered through any mobile phone including feature phones and smart phones (Android & iOS) platforms, and relies on mobile data connectivity. It also claims that merchants can accept card payments through mobile phones in a secure environment with two layers of encryption. The bank has not disclosed details about the cost of the service and transaction charges. Note that Prizm Payments MD Loney Antony had informed MediaNama that the company has the distributorship for Mswipe's device. It also has the transaction processor and the infrastrucutre which connects into Visa and Mastercard. He had added that Prizm gets a percentage from the transaction fee that Banks levy. The company intends to target merchants with home delivery services, cash-on-delivery agents, taxi drivers and others who require payments on the go, and claims that it requires a very small investments on their part, while eliminating costs associated with cash handling like loss, theft, accounting delay and other factors. Antony had said that there were several small merchants to whom banks don't give a point-of-sales device, unless they have a certain number of transactions. Prizm will target lower value merchants will get these devices. The Sequoia…

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