Mswipe Technologies Private Limited, India’s largest independent POS merchant acquirer and network provider, and PayU, India’s leading internet payment service provider have partnered together for digital payments. Under the partnership, Mswipe will merge PayU’s existing offline POS division team into its existing operations and workforce expanding its network to 2,20,000 terminals, across 550+ cities with a combined team strength of 2,000+ employees.
This mutually profitable, bilateral alliance will also allow the merchant base of Mswipe to benefit from the various internet payment services offered by PayU India. Furthermore, PayU’s wide assortment of merchants across sectors will have an access to Mswipe for their entire POS services related requirement. PayU will continue to expand its direct presence in the online fintech and payments space.
Manish Patel, Founder and CEO, Mswipe said, “POS terminals are the preferred medium of payments by customers to transact digitally at merchant locations. The partnership with PayU is mutually beneficial to both companies as it helps each consolidate its leadership positions in their areas of focus. We welcome the PayU team and merchant network and the expanded footprint across small and mid-sized merchants will further help us bring them into the digital fold by offering affordable and convenient POS services.”
B. Amrish Rau, CEO, PayU India said, “We are laser focused on the online space and continue to increase our market share through new fintech products and innovation. We are glad to witness the fruition of our partnership with Mswipe, crystallized by this transaction. This partnership allows us to focus on our core of enabling digital payments across more brands and merchants across the country. As the leader in internet payment services, we remain committed to realizing the Government’s Digital India vision by bringing access to digital payments to all. We will continue to focus on providing most comprehensive payment options to all our merchants.”
Mswipe’s growth and customer base:
As much as 80% of Mswipe’s customer base comprises of SME merchants, typically supported by 2-3 employees. The turnover of these outlets are in the range of Rs 1 to 5 lakhs a month, and a majority of these merchants have been able to accept credit and debit card payments for the first time through Mswipe.
In the last one year, transaction value on the Mswipe network has grown 4 times while number of installations has grown 3 times. The thriving customer base of Mswipe also reveals a growing need to accept digital payments across retail categories, including grocery stores, eateries, pharmacies, and apparel vendors, mobile and electronic shops.
“The fastest way to increase cashless transactions is by rapidly growing the number of POS terminals across the country. While traditional merchant acquirers have focused on large businesses, the needs of small and mid-sized merchants have largely been ignored. With affordable mPOS devices and acceptance infrastructure, we are trying to enable digital payments acceptance for the ubiquitous merchant”, added Manish.