Mswipe

As an entrepreneur, Manish noticed that getting affordable POS solutions was a daunting task for small and medium business owners; the POS solutions major banks were offering were not accessible and affordable for owners of small and medium businesses.

Mswipe, an RBI-approved payment aggregator in India, is a leader in omni-channel digital payment solutions serving merchants across largest cities and the smallest towns.

As much as 80 percent of Mswipe's customer base comprises of SME merchants, typically supported by 1-30 employees. The turnover of these outlets is in the range of Rs one to five lakhs a month and most of these merchants can accept credit and debit card payments for the first time through Mswipe.

Mswipe offers a full suite of payment solutions with frontend and backend technology - POS devices, QR soundboxes and payment gateways for seamless payments for merchants, banks and enterprises.

Mswipe offers a POS (Point Of Sale) System that lets businesses accept all types of digital payments, i.e. via cards, wallets, mobile payment apps, bank apps, QR Code scanning, and payment via links.

The company encompasses robust software offerings built in-house such as switch solutions for all payment methods, risk management, merchant onboarding to settlement and terminal telemetry solutions.

Axis Bank was an early investor in Mswipe, participating in its Series B and Series C rounds; "Axis Bank, an early investor which owns 8% in the company, has gotten a complete exit" by the Series D round in 2017.

Mswipe merchants will be able to offer Internet payment services offered by PayU India, and PayU will push Mswipe to its merchants; Mswipe separately acquired PayU's offline POS business in May 2017.

Employee benefits services provider Sodexo signed a partnership with Mswipe in May [2017]; through the deal, Sodexo expanded its footprint via Mswipe's merchant network.

Mswipe also enabled Samsung Pay across all its terminals to enable contactless NFC 'tap and go' payments.

Mswipe expanded to the UAE in partnership with etisalat by e&, launching its omnichannel payment solution uTap for merchants in the region, offering services such as cloud pay, table management, and customer management.

Mswipe received a Payment Aggregator (PA) licence from the RBI, enabling it to offer full-stack payment technology providing omni-channel solutions.

A fee is assessed each time a consumer uses a Mswipe POS device to make a payment in order to cover the cost of processing the transaction quickly and securely.

Mswipe charges a one-time fee for its device and subscription fees for its subsequent services.

Mswipe makes money by selling a range of services, such as software solutions, point-of-sale (POS) equipment, and other associated services, to retailers and other businesses.