MasterCard, Axis Bank and Worldline on Thursday launched Soft POS, which can turn smartphones into merchant Point of Sale (POS) terminals.
"Merchants who have traditionally accepted cash payments, now have a simpler and more secure way to manage transactions," Axis Bank said in a statement, adding that merchants can start using Soft POS almost instantly as the online registration process with the acquiring bank takes less than 30 minutes.
The solution is available as a white label solution to all banks and payment aggregators in the industry, it further said.
It also provides for face-to-face payments with Bharat QR and NFC payments, as well as remote payments for home deliveries via link-based payments.