Press Release Axis Bank launches neo for merchants in partnership with VISA and Mintoak

A comprehensive mobile application

• Empowers merchants to accept payments, view transaction reports, and raise service requests directly through the mobile app
• Enhances Omni channel payment acceptance
• Streamlines payment process and service request through the mobile app
• All-in-one functionality offers low-cost solutions

Nagpur, August 20, 2024: Axis Bank, one of the largest private sector banks in India today announced the launch of neo for merchantsin partnership with VISA and Mintoak.It marks a significant milestone in Axis Bank’s commitment to empower businesses with cutting-edge banking solutions. With its user-friendly interface, versatile payment acceptance options, and valuable business insights, the neo for merchantsapp is set to redefine the payment landscape for merchants across India.

The neo for merchantsapp empowers merchants to accept payments, view transaction reports, and raise service requests directly through the mobile application that eliminates the need to rely on their relationship manager. The application’s all-in-one functionality offers low-cost solutions, enhances the omni channel payment experience, and offers a one-stop solution for all merchant needs such as transaction and service reports. This innovative approach aligns well with the growing trend of digitalization,leading to greater convenience in business.

Keeping in mind the evolving needs of merchants and challenges they face, Axis Bank’s neo for merchants offers a wide range of benefits:

• Convenience: Merchants can accept payments anytime via Cards, SMS Pay and UPI, which enhances the overall experience and satisfaction for customers as well as merchants
• Efficiency: Streamlinespayment process and service request through the mobile app that can save time for both merchants and staff, leading to increased productivity
• Data Insights: Transaction and Settlement reports accessible through the application can offer valuable insights to the merchants
• User-friendly App: Robust payment and service capabilities emphasize its value in simplifying operations, enhancing experience and driving business growth

Through this partnership, Axis Bank will strengthen the merchant acquiring portfolio, with Visa’s leadership in digital payments and Mintoak’smerchant-first SaaS solutions that drive financial inclusion for the Indian SMEs. The collaboration with Visa and Mintoak will drive the Bank’s vision in building and deepening stronger relationships with the Small and Medium enterprises across the country and boost their business growth.

Speaking at the launch,SanjeevMoghe, President & Head- Cards & Payments, Axis Bank said, “We have been continuously working on comprehensive digital solutions for the merchant community, to help them lower their cost of business and accept digital payments affordably. Our newly launched neo for merchants is a onestop solution for all business requirements of the merchant community. This application is a great opportunity for us to support them in conducting their business smoothly, enhancing convenience and building a robust digital ecosystem.”

Speaking on the partnership with Axis Bank, Raman Khanduja, Co-founder and CEO of Mintoak, said, “As businesses increasingly embrace digitisation, our collaboration with Axis Bank aims to deliver intuitive technology and cutting-edge solutions to empower today’s SMEs. Leveraging their trust and distribution alongside our technological expertise, the neo for merchantsapp is positioned to cater to the evolving needs of the merchant ecosystem in payments, finance, and commerce.”

“We are proud to collaborate with Axis Bank and Mintoak to introduce neo for merchants – a transformative mobile app that helps merchants and small businesses thrive and compete in a digital-first world. This solution underscores our continued commitment to supporting the aspirations of dynamic, enterprising Indian merchants while delivering convenience, efficiency and valuable insights for growth. With the power of Visa, we shape the future of commerce with our clients and drive secure and seamless payment experiences for everyone everywhere”, said Rishi Chhabra, Head of Merchant Sales and Acquiring at Visa, India and South Asia.

Axis Bank is the largest player in the merchant-acquiring business in the country with POS terminal market share of 20.8% as of June’24. With an installed base of 18.67L terminals and spread across the country serving all categories of merchants from the metro cities, urban and rural areas. The Bank has gained an incremental market share of 43 % in the last 12 months period (Jun23-Jun24).

To read more about neo for merchants, please visit:https://www.axisbank.com/business-banking/in-store-payment-acceptance

 To view the features and benefits for merchants; pleaseclick:https://youtu.be/0c5UBbKvaHM?feature=shared

About Axis Bank:

Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 5,427 domestic branches (including extension counters) and 15,014 ATMs across the country as on 30th June, 2024. The network of Axis Bank spreads across 2,987 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.

For further information on Axis Bank, please visit https://www.axisbank.com.

About Mintoak:

Mintoak is the preferred merchant SaaS platform for banks, enabling them to expand their payment proposition for merchants by integrating digital business solutions and leveraging the enriched engagement to cross-sell and deliver financial products.  Mintoak has built a modularized, cloud-native, API-first payments platform that allows banks and merchant acquirers across India, Africa & Middle East to deploy and rapidly scale value-added services (payments, lending, and engagement) to their millions of SME customers.  HDFC Bank, State Bank of India, Axis Bank, YES Bank in India, and globally Absa, Burgan Bank are among the merchant acquirers that have implemented Mintoak’s suite of merchant payment and commerce enablement solutions. They have raised a $20 million Series A funding round last year led by PayPal Ventures with participation from British International Investment, HDFC Bank and Pravega Ventures. 

About Visa:

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

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