New Delhi, May 29 (IANS): Axis Bank on Wednesday said that it partnered with Mastercard to launch NFC Soundbox. The new soundbox will act as an all-in-one solution that will allow the users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments.

"This device aligns with the Bank's asset lite strategy to provide products/solutions of superior quality at an affordable price. The NFC Soundbox will help the Bank further penetrate the small merchant segments with cost-effective and simple payment solutions that are secure and compliant with PCI standards," Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, said in a statement.

The bank said that the device will be powered with a dual confirmation feature, providing audio cues through its speaker and visual feedback on the screen in more than seven languages, ensuring a smooth and reassuring transaction experience for both merchants and consumers.

The Tap + Pin capability will enable merchants to accept transactions greater than Rs 5,000 via card instruments.

"The launch of NFC Soundbox is another example of a form factor which provides consumers with access to quick and highly secure card transactions. At the same time, small merchants will be able to use a cost-effective all-encompassing payment solution," said Gautam Aggarwal, Division President, South Asia at Mastercard.

The new Soundbox will be powered with 4G + Wifi capability. It will also be available on all leading payment networks, such as Visa, RuPay, and American Express.