India’s first ever cloud enabled ‘self check-out’ payments solution
Mumbai: Axis Bank, India’s third largest private sector bank has entered into a tie-up with SIGNCATCH, an omni-channel, e-retail provider, to offer its customers with a smart, self check-out solution. A first of its kind partnership wherein, SIGNCATCH brings its cloud based IP software, whilst Axis Bank employs it’s back-end payment hardware, to enable payments across multiple new age payment options, like Bharat QR and UPI.
The cloud enabled solution, will allow customers to scan the products they intend to buy using their smartphones, reach the check-out SmartStation in the store, transact within 3 seconds without the hassle of waiting at payment counters.
Axis Bank and SIGNCATCH launched their first SmartStation solution at Modern Bazaar (Select Citywalk Mall, New Delhi). With India being one of the largest market for smartphones, Axis Bank and SIGNCATCH will look to scale up this payment solutions offering by deploying over a few thousand such SmartStations across large and small format stores, pan-India, over the course of the next 2-3 years.
The self check-out market size is set to exceed USD 18 billion by 2023 globally, with over 16% increase in CAGR from 2016-2023.
Sangram Singh, Head -Cards & Payments,Axis Bank said “Axis Bank is delighted to partner with SIGNCATCH and bring to market India’s first “self check-out” solution. We have always focused on delivering innovative payments solutions and this queue busting solution further reinforces our commitment to improving customer experience leveraging cutting-edge technology along with security and convenience.”
Founders of SIGNCATCH Sumit and Saurabh said “SIGNCATCH is working towards a reality where time spent between customers setting their eyes towards a product and acquiring it would be minimal. We are striving towards a futuristic fusion of smart technology in physical retail. We are extremely excited to partner Axis Bank in transforming digital payments and transform the landscape of physical retail stores in India. ”
The promoter of Modern Bazaar Kunaal Kumar added “Retail stores today are fast being infused with Smart technologies to elevate customer experience and streamline in-store process. We are extremely excited to partner with SIGNCATCH and Axis Bank to transform the experience of our esteemed shoppers across the Modern Bazaar chain.”