wordpress blog stats
Connect with us

Hi, what are you looking for?

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 Capital backed company had claimed that it was “on track to process $50 billion in transactions this year, up from $30 billion last year, with 30,000 point of sale processing devices.”

Other M-PoS Players in India

The mobile PoS devices segment is witnessing a lot of action this year. Recently, CDMA based mobile operator, MTS, launched MTS mPOS, its own mobile point of sale device that can be attached to MTS mobiles for mobile transactions.

Advertisement. Scroll to continue reading.

Earlier, PayMate, the mobile payments company,had launched a PayPOS mobile application, which also enabled credit and debit cards payments and electronic transactions on mobile phones at the point of sale (POS). However, unlike MTS’ mPOS service, PayMate is an application based payment application and is available on all Android/iOS devices.

Apart from that, PayPal launched PayPal Here, a mobile based payment solution for small businesses. PayPal Here is a similar solution, however, it’s only available on the iPhone and not available in India yet. Square also offers similar solution but it is also not available in India.


Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.


Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.


Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.


The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.


For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ