Mintoak, a fintech company and Axis Bank have announced a partnership to support small and medium-sized enterprises (SMEs). Through this collaboration, Axis Bank will utilize 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.
The new merchant platform provides 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.
Sanjeev Moghe, President and Head of Cards and 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, said, “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 one of the largest players 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, and urban and rural areas.
