~ Mswipe's ATM Express to increase footfalls at merchant outlets in Tier 2 and 3 cities ~

Mumbai, March 15, 2021: Mswipe, India's leading financial services platforms for SMEs, today launched ATM Express, a micro ATM which allows merchants to offer their point-of-sale (POS) terminals to customers for cash withdrawal, check bank balance among other features. The ATM Express will help merchants bring additional footfalls and add revenue stream through commission.

Mswipe will utilise ATM Express to increase access to banking facilities through its SME network, especially in Tier 2, 3 and 4 cities with limited ATM facilities and bank branches.

According to RBI, till June 2020, there were an estimated 84 crore debit card holders and about 2.10 lakh onsite and offsite ATMs in India. On an average, there is one ATM for 4,000+ debit card holders, and even fewer in Tier 3 and 4 cities.

Mswipe's ATM Express is a cost-effective way for banks to serve their customers, as it eliminates the cost of setting up ATM kiosks and overheads such as rent, maintenance, CMS and security. Customers can withdraw a maximum of Rs.10,000 twice a day from the ATM Express at no additional cost.

Mswipe Founder and CEO Manish Patel said, "Mswipe has been in the forefront of helping SMEs grow their businesses through our innovative and user-friendly digital payments solutions. Our ATM Express service is a natural extension of Value Added Services (VAS) possibilities via Mswipe's smart POS terminals. It will enable both merchants and retailers bring conveniences to customers, serve as an additional source of revenue for the SMEs, increase footfalls in their stores, and prevent long queues at regular bank ATMs."

Merchants will earn commission on providing ATM Express facilities and their customers will be only be charged for availing ATM services as per the charges of the issuer bank.

Mswipe Business Head - Micro ATM and VAS Vivek Patil said, "Availing ATM services continues to be challenge in Tier 2-4 cities due to limited number of ATMs or non-functional facilities. By layering micro ATM services on POS terminals which are available even in the smallest of shops, we are empowering merchants to simplify the life of their customers and at the same time generate revenue for themselves. "

Mswipe is the only player with a full range of digital payments solutions for SMEs in India, including UPI QR, NFC-based Tap and Pay, POS and Payment Link. The company is the largest POS acquirer with 6.75 lakh POS and 1.1 million QR merchants, and the fastest-growing issuer of its prepaid Moneyback Card.

About Mswipe

Mswipe aims to be India's largest financial services platform for SMEs by providing seamless digital payment and other value-added financials services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 1.1 million QR merchants across the country. Mswipe offers a host of payment acceptance services for SME's enabling them to accept - cards, wallets, mobile payment apps and bank apps, contactless and QR payments. Headquartered in Mumbai, Mswipe began operations in 2011. Its key investors include B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.

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