Mumbai, 08th October 2024: Mintoak and Axis Bank have announced a partnership, marking a major step in their shared mission to support small and medium-sized enterprises (SMEs). Through this collaboration, Axis Bank will utilise Mintoak’s white-labelled mobile SaaS platform, enabling SMEs to accept payments, access transaction reports, and submit service requests directly through the app. Together, they have launched neo for merchants, a payment acceptance and commerce enablement app. The partnership also seeks to promote financial inclusion and expand the adoption of digital payments within the merchant ecosystem.
Merchants today face a range of challenges, from managing old and fragmented payment systems to dealing with high operational costs and a reliance on external support for transactions and service requests. Small and medium enterprises especially struggle with adopting digital solutions due to inadequate support and user-friendly technology.
The new merchant platform addresses these issues by providing an all-in-one, low-cost mobile application. This platform simplifies payment acceptance across multiple channels, empowers merchants to independently manage transactions and service requests, and offers valuable data insights, thereby streamlining operations and enabling SMEs to thrive in a digital-first world.
Commenting on the launch Sanjeev Moghe, President & Head of Cards & Payments, at 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 one-stop solution for all business requirements of the merchant community. This application is a great opportunity for us to support merchants in conducting their business smoothly, enhancing convenience, and building a robust digital ecosystem for them.”
Raman Khanduja, Co-founder and CEO of Mintoak, shared his thoughts on the collaboration: “Our partnership with Axis Bank represents a transformative step forward for the merchant ecosystem. By combining Axis Bank’s vast reach and trust with Mintoak’s cutting-edge technology, we are delivering a robust, all-in-one platform that empowers merchants to manage payments and business operations seamlessly. With this collaboration, local retail shop owners will get access to a tailored tech stack that’ll streamline cumbersome tasks like tracking sales, accepting multiple forms of payments, and more. Our collective aim is to redefine how Indian merchants conduct business, helping them overcome traditional barriers and thrive in a rapidly evolving digital economy.”
Axis Bank is the largest player in the merchant-acquiring business in the country with a 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. This partnership between Mintoak and Axis Bank is a strategic move to strengthen the bank’s merchant portfolio. The bank’s leadership in a strong distribution network and Mintoak’s merchant-first SaaS solutions align with the shared vision of empowering SMEs across the country, driving financial inclusion, and fostering business growth.
