Your smartphone is now your POS machine

Kotak Mahindra Bank Limited (“KMBL”/ “Kotak”) today announced that  it has added a host of new features to kotak.biz - an app that empowers merchants, sole proprietors  and business owners to accept payments using just their mobile phones. With the new features,  kotak.biz has further eased payment journeys for micro, small and medium enterprise (MSMEs)  clients. 

The app has now added two special features - Tap on Phone – powered by KMBL’s technology partner  Payswiff that converts a smartphone into a Point of  Sale (PoS) terminal without any additional hardware,  giving an alternative to small merchants to transact  digitally without spending on other machines. The  other feature added is SMS Pay that allows merchants  to offer link-based payments, wherein a secure  payment link is sent to a customer via SMS or  WhatsApp and the customer can pay remotely. kotak.biz is available on Android and is equipped with  UPI, Bharat QR and other digital modes that enable  merchants to accept seamless payments through  their smartphones. It is compatible with any debit or  credit card issued by RuPay, VISA or Mastercard.  

For merchants, kotak.biz is an ‘asset-less’ solution as  it is cost-effective and it enables them to offer an  enhanced payment experience to their customers. 

Key Features of kotak.biz 

∙ Seamless and cost-effective merchant  on-boarding: KMBL merchant  

downloads the app on phone/tablet  and gets digitally on-boarded without  delay 

∙ Asset-less solution: Merchant does  not require a PoS terminal to accept  digital payments 

∙ Range of digital payment options: Tap  on Phone, UPI, Bharat QR, SMS Pay  ∙ Value-added services: Merchants can apply for instant loans, credit cards  and more banking products at their  fingertips 

Thakur Bhaskar, Senior Executive Vice President & Head - Liability Products and Merchant Acquiring,  Kotak Mahindra Bank said, “We are seeing a shift in consumer behaviour towards digital payments,  especially contactless payments. India has a varied mix of merchants based on size and type spread  

across the country who are eager to adopt digital modes of payment to service their customers better  and increase revenue. The market opportunity is significant and kotak.biz will help us capture this  demand in a cost-effective and scalable manner. Additionally, it reduces dependence of merchants on  multiple devices.” 

Prabhu Ram, Managing Director, Payswiff said, “It is our privilege to be associated with Kotak  Mahindra Bank and with this we will be happy to provide seamless services to bank merchants  through our app offering Tap to Phone, Bharat QR & Link-Pay based Soft PoS solution in addition to in 

app servicing and engagement for other financial products. We are excited to start this association  and further explore more synergies with Kotak Mahindra Bank to foster growth and digitisation.”