Axis Bank, one of India’s leading private sector banks, has introduced "Neo for Merchants," a new mobile app designed to streamline payment processing and business management for merchants. Developed in collaboration with Visa and Mintoak, this app is set to transform the payment experience for small and medium enterprises (SMEs) across India.
Elevating SME banking beyond boundaries: Empowering SMEs with value-added services and personalization
Neo for Merchants offers a comprehensive solution that allows businesses to accept payments via Cards, SMS Pay, and UPI, view transaction reports, and raise service requests—all from a single mobile platform. The app’s user-friendly interface and versatile features are designed to enhance convenience, efficiency, and productivity for merchants, making it easier to manage daily operations.
Key benefits of the Neo for Merchants app include:
• Convenience: Seamless payment acceptance anytime, improving customer satisfaction and operational efficiency.
• Efficiency: Streamlined payment processes and service requests, saving time for merchants and their staff.
• Data Insights: Access to transaction and settlement reports provides valuable business insights for informed decision-making.
This initiative strengthens Axis Bank’s position in the merchant-acquiring business, where it holds a 20.8% market share in POS terminals as of June 2024. The collaboration with Visa and Mintoak aims to deepen relationships with SMEs and drive financial inclusion across the country.
Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, emphasized the app’s role in supporting merchants: “Neo for Merchants is a one-stop solution that helps the merchant community conduct business smoothly while building a robust digital ecosystem.”
By leveraging Visa’s expertise in digital payments and Mintoak’s innovative solutions, Neo for Merchants is positioned to meet the evolving needs of India’s merchant community, fostering growth and efficiency in a digital-first world.