Mswipe Appoints Rohit Agrawal as CEO of Its Lending Arm Mcapital

Rohit Agrawal CEO Mcapital

Envisions achieving Rs 1,000 crore AUM by March 2024

Mcapital, the lending arm of Mswipe, today announced the appointment of Rohit Agrawal as Chief Executive Officer.

Rohit, who has more than 15 years of experience in financial services and lending, will spearhead Mcapital with a view to achieve Rs 1,000 crore AUM by March 2024.

In his new role, Rohit will expand Mswipe’s core payments business by building a robust merchant financing and small loans vertical through Mcapital. He will also oversee the adaptation of innovative technology in creating new credit products for SMEs.

Rohit’s appointment is a crucial step towards strengthening the core leadership team at Mswipe.

Rohit, a CA by profession, joined Kotak Mahindra Bank in 2006. Since then, he has worn many hats including working for the bank’s mid-market business and heading its e-commerce and new-age business.

Mswipe CEO Ketan Patel said, “We are delighted to welcome Rohit, whose vast experience in the lending business will accelerate our ongoing efforts to provide small merchants with quick and easy access to formal credit. I look forward to working with him in developing cost-effective and consumer-friendly solutions for small merchants and expanding our lending business. Rohit’s understanding of the industry will be invaluable for the growth of our company and its vision of transforming into a digital SME bank.”

About his new role, Rohit Agrawal said, “I am excited on my appointment as CEO of Mcapital and I look forward to building a sizeable, profitable and risk-efficient lending business. Together, we are committed to strengthening the merchant ecosystem in India and making SMEs our preferred partners.”

As India’s largest independent POS acquirer with 6.75 lakh POS and 11 lakh QR merchants, Mswipe intends to target the highly underserved SME segment with access to formal credit via Mcapital.

About Mswipe

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11lakh 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.

KreditBee Partners With MSwipe to Offer ‘Cardless EMI’

Aims to reach out to over 5,00,000 retail stores and disburse to more than 5 million customers over the next two years

Customers can now shop offline with ease and flexibility across merchant stores nationwide where Mswipe terminal is present

Bengaluru-based fintech lending platform KreditBee, today announced its partnership with Mswipe to offer a fully digital mode of payment - ‘Cardless EMI’ at leading retail stores. With this partnership, KreditBee is expanding its reach in offline space and making it easy and convenient for customers to shop by converting transactions into digital EMIs. The company aims to enable purchases of more than INR 5 Crore per month.

Madhusudan Ekambaram, Co-founder & CEO, KreditBee

Through this partnership, Mswipe aims to empower merchants with its Brand EMI offering and increase footfalls at merchant stores while also adding value to its brand partners. The partnership comes ahead of the festive season with Christmas and New Year’s approaching and will significantly benefit Mswipe’s partners.

Speaking on the initiative, Mr. Madhusudan Ekambaram, Co-founder & CEO, KreditBee said, “We are delighted to have partnered with Mswipe to offer a distinctive financing option in the form of Cardless EMI. We, at KreditBee, continue to strive to address customers’ credit needs by providing effective and convenient financing solutions. Considering the Indian consumers’ increased focus on ease and convenience in services, the idea is to have an integrated 360-degree checkout flow to render their transactions accessible and hassle-free. In our partnership with Mswipe, we plan to jointly extend effective credit solutions to a larger consumer base, including the underserved individuals.”

Mswipe CEO Mr. Ketan Patel said, “While BNPL offers customers the ability to make instant purchases even when they lack funds at that moment, it is also helping small businesses to increase footfalls which in turn boosts overall sales. EMI transactions on Mswipe terminals are 3X compared to last year, with merchants enjoying services at affordable rates on POS machines and Pay by link. We are excited to partner with KreditBee as this partnership will help in improving the checkout process significantly and reduce the time taken to complete the purchase.”

Under ‘Cardless EMI’, KreditBee will provide ‘Pay Later’ options for purchases upto INR 1 lakh and the transactions can be converted into EMI ranging from 3 to 12 months. Customers can shop in retail stores with an easy and flexible ‘Cardless EMI’ option at over two lakh merchant stores associated with Mswipe. Additionally, KreditBee aims to partner with over five lakh retail stores across India by the end of financial year 2022.

About KreditBee

KreditBee is a FinTech Platform which facilitates instant personal loans to professionals, where they can avail loans up to ₹2 lakhs as per their requirement. With a strong focus on online tech-based and data-centric KYC, KreditBee envisions solving the financial inclusion gap in the varied demographic segments of the country. The platform is backed by various lenders, including a Systemically Important NBFC Krazybee Services Private Limited, registered with RBI since May 2017, as well as various debt & platform partners. KreditBee is a brand of Finnovation Tech Solutions Pvt Ltd and is currently a Series-C funded entity with a cumulative fundraise of over USD 200 Million. It is backed by some key VC funds, family offices and financial institutions like Azim Premji’s Premji Invest, Motilal Oswal Private Equity, TPG-backed NewQuest, South Korea’s Mirae Asset Venture, and US-based Alpine Capital. Some other marquee investors include ICICI Bank, Arkam Ventures and SIDBI’s investment arm IndiaSME Investments. Currently, it has 5 million loan customers, out of which over 2 million are active loan customers.

About Mswipe

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11 lakh 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.

Mswipe and OneCard Partner To Offer EMI at PoS

Mswipe, leading end to end digital enabler of SMEs, today said that it has partnered with OneCard, India’s first exclusive mobile-first credit card to offer no cost Equated Monthly Instalments (EMI) , across its 2.50 lakh strong retailer network.

The partnership will enable users of OneCard to seamlessly access no or low interest EMIs’ while availing mid and high-value purchases at retail outlets powered by Mswipe terminals.

The collaboration is expected to bolster consumer sentiments in a big way as customers can now seamlessly convert their purchase transactions into easy, no-interest monthly instalments.

With this partnership, Mswipe will power its partner brands to increase sales through attractive checkout offers to their customers, while also targeting the tech-savvy customers of OneCard. Mswipe is working with brand partners in designing value offers for customers. On the other hand, OneCard will offer its card users to seamlessly avail no interest or low interest EMIs at checkout.

Mswipe CEO Ketan Patel said, “Pay Later offerings delight shoppers and are a major consideration during purchase. It also improves the checkout process significantly by reducing the time taken to complete the purchase. Our solution helps brand partners to increase sales and retailers to add more revenue. We are happy to extend our ecosystem to OneCard customers.”

OneCard Co-founder and CMO Vibhav Hathi said “At OneCard, besides offering flexibility and visibility on spends, we offer our customer full control of every aspect involved in credit and payments. Our partnership with Mswipe will help us leverage their reach and technology expertise to provide our users a seamless & superior EMI experience. With this partnership our customers will now be able to enjoy hassle-free shopping while availing easy and affordable EMIs at check-out.”

OneCard aims to digitally revolutionize credit and payments in India. The card allows its users to control all aspects of OneCard from an app. This includes enabling offline and online transactions, enabling domestic and international transactions, paying the bill and locking the card. The OneCard app gives card holders a completely transparent view of their credit card spends, rewards, EMI, limits, payments, etc. FPL Technologies earlier launched OneScore in 2019, to empower people looking to monitor and manage their credit health in a simple and secure manner. The scoring platform is widely popular and has acquired more than 8 million users within just two years of its launch.

About Mswipe

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omni-channel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11 lakh 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.

About OneCard

OneCard is a mobile-first credit card created by FPL Technologies. FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, who come from banking backgrounds with deep expertise in payments, credit and building and scaling digital businesses. FPL is on a mission to re-imagine credit and payments from first principles; OneCard can be downloaded from www.getonecard.app

Mswipe’s Lending Business Appoints Tanya Chadha as Chief Operating Officer

Tanya Chadha, Chief Operating Officer, Mcapital.

Mcapital to meet MSME credit needs; aims to build INR 100 Crore loan book by March 2022

Mumbai, 21 September, 2021: Mcapital, the lending business of Mswipe, today announced the appointment of Tanya Chadha as the Chief Operating Officer (COO). With over 16 years of experience in financial services and credit, Tanya will oversee building a loan book of INR 100 Crore by March 2022.

Tanya’s appointment comes at a time when Mswipe is gearing for a NBFC license. As India’s largest independent POS acquirer with 6.75 lakh POS and 11 lakh QR merchants, Mswipe will target the highly underserved SME segment with access to formal credit through Mcapital.

Joining the leadership team, Tanya will focus on accelerating efforts towards technology innovation and drive new product strategy and growth of the company.

Mswipe CEO Ketan Patel said, “We are building interesting solutions at Mcapital which will fasten the journey of SMEs in accessing formal credit. Tanya brings a wealth of experience in financial services and lending space and we are certain that she will play a pivotal role in our journey to transform into a digital SME bank."

"SMEs are often faced with the challenge of accessing finance and this acts as an obstacle to start and grow a business. We want to enable them to scale up their business and help them reach their full potential. I am excited to be a part of the fantastic and dedicated team at Mcapital and further accelerate innovation, ensuring compliance and drive organizational vision," Tanya added on her new role.

Tanya was formerly the Vice President – Lending Product & Business Processes at Mcapital.

She has a rich experience in both secured and unsecured lending across functions like credit, product management, alliances and sales. In her previous company RattanIndia Finance, she led Consumer Finance including personal loans, small business loans and two wheeler loans. An MBA in Marketing and Finance, she has worked with leading NBFCs including HDFC Ltd, Kotak Mahindra Prime and Capital First.

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 11lakh 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.

Mswipe’s Android-based Pos Device, Wisepos Go {phone + Pos Machine} to Benefit Karnataka Bank SME Customers

Addressing all the complexities faced by small businesses associated with business payments, Mswipe will power all SME customers of Karnataka Bank with its newly launched android-based POS device, WisePOS Go to streamline their business management.

A first-of-its-kind POS machine in India, WisePOS Go is a compact, light-weight and easy-to-use device that will help small business owners improve mobility by integrating payments with business applications in one single device.

A leading end-to-end digital enabler for MSMEs, Mswipe introduced WisePOS Go at a time when most businesses are using separate devices for accepting payments. This low-cost, easy-to-use, with advanced NFC, and QR code device works across platforms and has connectivity options, making it suitable for small business owners. Karnataka Bank customers will be able to integrate apps on the same POS device from Mswipe’s MoneyStore (a curated app preloaded on Mswipe’s smart POS terminals) and reap the benefits from multiple payment solution apps and value-added services on the same device.

Mswipe’s Chief Executive Officer, Mr. Ketan Patel said, “We are happy to develop this product for Karnataka Bank’s MSME customers which will simplify their payment processes. The introduction of ‘WisePOSGo’ is yet another step in the direction of expanding the digital payment infrastructure in the country and promote a cashless economy."

Mr. Mahabaleshwara M S, Managing Director & CEO of Karnataka Bank said, “This is yet another product in line with our vision of becoming the ‘Digital Bank of Future’. Mswipe’s compact, light-weight and user friendly device will be a game changer and transform the digital payment ecosystem associated with POS machines. By integrating payments with business applications in one single device, small business establishments will benefit by having an agile and conducive platform to source business. The ease of processing transactions through ‘WisePOSGo’ will help the Bank’s retail and MSME customers to augment their businesses by providing their consumers a convenient and flexible way of shopping”.

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial 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.

About Karnataka Bank

Karnataka Bank Limited, a leading 'A' Class Scheduled Commercial Bank in India, was incorporated in 1924 at Mangaluru, Karnataka. The Bank took shape in the aftermath of patriotic zeal that engulfed the nation during the freedom movement of 20th Century India. Over the years, the Bank grew with the merger of Sringeri Sharada Bank Ltd., Chitradurga Bank Ltd. and Bank of Karnataka.

With over 9 decades of experience at the forefront of providing professional banking services and quality customer service, it now has a national presence with a network of 858 branches spread across 22 states and 2 Union Territories. It is managed by a dedicated & professional management team, having over 8,220 employees, 1,46,000 shareholders and over 10.21 million customers. With a mission to be a technology savvy, customer centric progressive bank, driven by the highest standards of corporate governance and guided by sound ethical values, it has today emerged as a leading financial service institution in India.

E-RUPI Goes Live for Mswipe Merchants; Boost for Vaccination Drives at Hospitals and Healthcare Facilities

E-RUPI goes live for Mswipe merchants; boost for vaccination drives at hospitals and healthcare facilities

Merchants can accept e-RUPI on mPOS and Mobile App

Mumbai, 01 September, 2021: Boosting ease of digital payment acceptance by MSMEs across India, Mswipe has gone live with e-RUPI for all its 6.75lakh POS and 1.1 million QR merchants. Mswipe has powered hospitals and healthcare facilities to accept the digital vouchers from beneficiaries, thereby giving a boost to the vaccination drive against COVID-19.

Earlier in August, Prime Minister Shri Narendra Modi had launched e-RUPI to provide for a digital payment solution between sponsors of services and beneficiaries.

By taking e-RUPI live on its platform, Mswipe, a leading end-to-end digital enabler for MSMEs, will power merchants to accept digital payments by simply scanning the QR or SMS string based voucher on the customers’ phone.

Ankit Bhatnagar, Head of Product, Mswipe said, “e-RUPI built on the UPI platform is a step in the direction of expanding the digital payments infrastructure in the country and in empowering businesses to accept payments in the most suitable form from their customers. This democratizes digital payments and at the same time has a tremendous potential to limit misuse of subsidies that are meant for government welfare schemes and under corporate support programmes for their employees. Providing e-RUPI is a step towards our commitment in empowering our merchants to adopt all kinds of digital acceptance methods to improve customer experience and also boost their revenue.”

Merchants can now use the ‘UPI Voucher’ feature on the Mswipe Merchant App to accept prepaid e-RUPI based payments from customers. They can accept payments on their POS terminals as well as by registering on the Mswipe Merchant App. Customers using e-vouchers will not have any dependency on carrying a card or having a bank account or even internet banking services or any digital payment for that matter as they will be able to receive the vouchers via SMS on their Aadhaar registered mobile number.

The electronic voucher can be used for government welfare programmes such as vaccination, nutrition, fertilizer subsidies among others in addition to helping corporates roll out employee benefit initiatives including reimbursement for COVID inoculation, travel allowances, business expenses and corporate social responsibility initiatives.

e- RUPI will connect the sponsors of the services to the beneficiaries and service providers through a digital interface. It will also play an important role in strengthening Direct Benefit Transfer while ensuring transparency.

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial 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.

Mswipe Names Ketan Patel As CEO

Industry veteran and Founder Manish Patel to continue as Managing Director

Mumbai, July 01, 2021: India's leading independent financial services platform for MSMEs, Mswipe, today announced the appointment of Ketan Patel as the Chief Executive Officer. Founder Manish Patel, who has built the company over the last one decade as India's largest POS player and leading end-to-end digital enabler of MSMEs, will move into the role of Managing Director.

Ketan, who brings close to 20 years of entrepreneurial and corporate experience in fintech and BFSI industry, will lead the company through a strategic transformation - by accelerating its operational excellence to provide seamless digital payments and by building value-added financial services including credit, insurance among others for MSMEs.

Commenting on the appointment, Mswipe Founder Manish Patel said, "I am excited to welcome Ketan to the Mswipe family. Ketan is a seasoned leader with a proven track record of delivering operational excellence, achieving revenue and profitability for our business. I am a firm believer of constant evolution and adaptability and I am confident that Ketan will spearhead Mswipe on to an exciting, high-growth journey as Mswipe expands to provide credit and other financial services in addition to our core payments services to our customers."

"Mswipe has been a market leader in transforming digital payments for MSMEs and is credited with bringing several industry first innovations in the last 10 years. I am excited to be a part of the journey ahead that seeks to transform the financial services landscape for the smallest of businesses in India. We will continue building a superior financial platform for MSMEs that is built on the tenants of accessibility and affordability," Ketan added on his new role.

In his role as the Executive Director & CEO of CASHe, Ketan led the company in becoming India's largest digital lending company for salaried millennials. Prior to his entrepreneurial venture Ketan worked with Kotak Mahindra Bank for over 18 years where he had an illustrious career heading some of its key portfolios ranging from Private Banking, Wealth Management, Composite Business Solutions and E-commerce. He was also instrumental in setting up the Private Banking Business for the Kotak Group in the UK.

Ketan has received several industry recognitions for his leadership. He was bestowed with the Young Entrepreneurs Award by The Economic Times in 2020 and recognised as India's Most Trusted CEO 2020 by WCRC- The Malcolm McDonald Academy. Ketan was recognised for his excellence in Finance – Leadership at the Finext Conference in Dubai 2019 and received the 'CEO of the Year' award at the Asia Leadership Awards in 2019.

About Mswipe

Mswipe aims to be India's largest financial services platform for SMEs by providing seamless, omnichannel digital payments and other value-added financial 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.

Mswipe Develops Industry 1st MSME Score for Risk based Credit

Partners with Equifax to differentiate risks by assessing alternate data to bureau score

Mumbai, June 09, 2021: Helping banks, financial institutions and non-bank finance companies (NBFCs) to better assess micro, small and medium enterprise (MSMEs) for credit solutions, Mswipe announced an industry first hybrid credit score in partnership with Equifax.

The score adds a quintessential layer of credible alternative data - transaction variables, merchants customer profile, loyalty base and other payment related parameters in addition to traditionally available demographic data and credit bureau rating.

The new tool will make assessment of MSME creditworthiness easier and provide the opportunity to differentiate risks thereby opening possibilities of dynamic pricing of credit solutions.

In addition to making it easier for MSMEs to avail credit with the new score, Mswipe is also providing retailers with the most affordable loan repayment facility through daily settlements on POS loans.

MSMEs, which comprise 95 per cent of businesses in India, typically face challenges in availing credit from traditional lenders. Lack of regular banking habits, financial and income statements of MSMEs limit banks and NBFCs in their credit testing ability to provide credit lines or loans as they continue to rely heavily on demographic data or bureau footprint for decision making process.

Amit Mande, Head – Lending Business, Mswipe, said, 

We have created an extremely powerful tool to differentiate risk and not only expedite decision making for banks and NBFCs but also offer risk based pricing for credit solutions. The credit score enhances Mswipe’s ability to allow our lending partners to extend credit products like loans, credit lines, loans against POS to MSMEs in a quick and affordable manner.

Equifax has strengthened the credit score by back testing merchants’ credit behaviour in the past and identifying different risk variables, basis transaction history and merchant credit behaviour.

Nipa Modi, Country Head, Fintech, Insurance & WFS, Equifax said --

Over the years, Equifax, as the leading credit bureau in the country, has worked with the Indian financial services industry to help maintain highest levels of underwriting standards. Now, with its partnership with Mswipe, Equifax brings a unique blend of differentiated data and analytics thereby assisting MSME lenders and Fintechs navigate through crests and troughs of the lending cycle, further promoting responsible lending in these times. Equifax will facilitate lending of business loans to merchants backed by a statistical scoring mechanism using Mswipe POS data and merging it with the bureau performance data.

The Mswipe credit score will be available for industry partners to offer credit solutions to MSMEs who have been hit badly owing to continued lockdowns amid the second wave of COVID-19.

About Mswipe

Mswipe aims to be India’s largest financial services platform for SMEs by providing seamless digital payment and other value-added financial 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.

ABOUT EQUIFAX INC.

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com. For media inquiries, contact mediarelations@equifax.com.

Mswipe Launches Micro ATM Service for SMEs; Boosts Convenience Banking for Customers

~ 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.

Mswipe launches "Bank Box" to Revolutionize the Digital Payment Landscape for SMEs

• New affordable offerings comprising of zero rental and zero MDR solutions
• Small businesses can collect and pay digitally even without a bank account
• Enters issuance business with Mswipe Moneyback Card to help merchants earn as they spend
• One-time digital KYC for hassle free and instant signup

Mswipe announced today the launch of Bank Box, a digital acceptance and payment solution designed to meet the cost-centric needs of MSMEs and merchants, as well as provide for a seamlessly integrated experience. Through this launch, Mswipe aims to pave the way for a futuristic payment solution platform and address key challenges that merchants and MSMEs face, with recurring costs on POS terminals like PoS rentals and Merchant Discount Rate (MDR).

Mswipe, India’s largest merchant acquirer with a network of 6.75 lakh POS and 1.1 million QR merchants, set out with the vision to build a cutting edge product – one that combines their acquiring and issuing platforms into a one-stop-shop, “Bank Box”, which enables easy signup, instant activation of the terminal and lifetime zero rental and zero effective MDR for merchants.

Manish Patel, Founder and CEO, Mswipe said, “COVID-19 has significantly impacted the earnings of small businesses, which in turn has led to curbed expenditures from their end. As a market innovator, Mswipe is helping MSMEs and merchants control costs incurred while accepting digital payments and further incentivize them to make digital payments. Essentially, Mswipe’s Bank Box facilitates small, medium and micro businesses to break into the digital ecosystem at the lowest possible TCO and sign up - even if they do not have a bank account.” 

With a one-time digital KYC, businesses can choose between Bank Box Go - a POS solution with zero rental and zero MDR or Bank Box Lite - a QR solution with 0 rental and 1% cashback on all transactions and instantly go live. In both offerings a merchant gets a UPI QR and a Moneyback Card. Bank Box Go additionally provides an affordable mPOS capable of accepting chip + pin and contactless card payments. For Bank Box Go merchants have to pay a one-time fee of Rs. 4,000 plus taxes while for Bank Box Lite, they pay only Rs.199 plus taxes.  

Sameer Hoda, President, Strategy and Operations, Mswipe said, “With Bank Box we have democratized the digital acceptance and payments ecosystem for the smallest of businesses by giving them a choice. With Mswipe now both an acquirer and issuer, we have provided an end-to-end digital enablement of MSMEs and merchants and empowered them to join the Digital Bharat movement.”

While mPOS allows acceptance of multiple modes of payments including UPI, Visa, Mastercard and American Express, mQR accepts payments from more than 150 UPI and mobile banking apps like PayTM, Axis Bank and BHIM among others. To spend digitally, merchants can load their Mcard with up to Rs. 1,00,000 per month 

Mswipe is targeting merchants with an average daily digital collection of Rs. 2,000 - Rs.2,500 in tier 3-4 markets and Rs. 8,000 - Rs. 10,000 in Metro and semi-urban areas.

About Mswipe:

Mswipe aims to be India’s largest financial services platform for SMEs and merchants by providing seamless mobile POS and value-added Services. It is the largest independent mobile POS merchant acquirer and network provider with 6.75 lakh POS and 1 million QR merchants across the country. Mswipe offers a host of POS solutions for all types of payment acceptance - 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 Partners India, DSG Partners and Epiq Capital.

Facebook Co-Founder Eduardo Saverin Backs First Indian Startup; Lead Funding in Mswipe

Facebook co-founder Eduardo Saverin is participating in a $40 million Series D round of funding in Mswipe Technologies marking his first foray into the India startup market.

With this investment, Saverin will join the company’s board and work with its management on expansion.

Saverin’s B Capital Group and DSG Consumer Partners are leading the funding round of mSwipe, along with other participants that include Ratan Tata’s UC-RNT Fund, Matrix Partners India and Falcon Edge Capital.

Mumbai headquartered Mswipe is an independent merchant acquirer and Point of Sale (POS) network provider,

Mswipe’s platform enables merchants to accept digital payments like UPI, Google Tez, PhonePe, Bharat QR and BHIM as well as credit card payments. It claims to be India’s largest independent merchant acquirer and point-of-sale network provider with 280,000 terminals across 650 cities and towns.

Eduardo Saverin is a Brazilian-born billionaire who, after relocating to Singapore in 2009, started his second innings as a venture capitalist by co-founding a VC firm called B Capital Group. He has has a net worth of $9.5 billion, according to the Bloomberg Billionaires Index.

Previously, he had drawn attention for disputes with Mark Zuckerberg, depicted in the movie “The Social Network,” and his renunciation of U.S. citizenship, which was criticized as tax dodge.

Mswipe Raises Series D Funding of $31M from UC-RNT Fund and Existing Investors

Mswipe Technologies Private Limited, India's largest independent POS merchant acquirer and network provider, today announced Series D funding of $31 million. UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the round. The company will use the funds to develop the largest network of merchants accepting digital payments in the country.

Mswipe currently has a payment network of 2,46,000 terminals spread across 550+ cities. As much as 80% 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 1 to 5 lakhs a month, and most these merchants have can accept credit and debit card payments for the first time through Mswipe. The annualized value of total transactions enabled by Mswipe across its network stands at Rs. 9,560 crores. Last year alone, the transaction value on the Mswipe network grew 4 times while the number of installations grew 3 times. The company recently acquired PayU’s offline POS division, partnered with Samsung Pay, Sodexo and launched BharatQR and UPI acceptance for Mswipe’s merchants showcasing their ability as an open platform capable of accepting all digital payments.

Manish Patel, founder and CEO, Mswipe said, “With merchants of all sizes actively looking to enable digital payment acceptance at their establishments, we expect to grow exponentially going ahead, create card and electronic payment acceptance infrastructure across cities and widen our user base.”

Vikram Vaidyanathan, Managing Director, Matrix India said, “Mswipe is the ‘universal acceptance’ solution for all merchants enabling them to accept any payment instrument – cards, wallets, UPI, NFC etc. In a rapidly changing payments landscape, Mswipe’s open technology platform and ability to deliver solutions at the lowest cost sets them apart.  We are privileged to partner with Manish and team on their journey to create India’s largest digital acceptance network”.

Despite the numerous cashless channels today, POS terminals are still the largest and most widely used cashless instruments available in the country. The number of transactions through POS terminals stood at 233.4 million in May 2017, valued at Rs 450.8 billion, according to RBI. Compared to that, digital wallets accounted for 91.3 million transactions and total value of Rs 25.3 billion. That is a difference of almost 2.5 times in terms of number of transactions and 18 times in terms of value of transactions.

“This round of funding from UC-RNT and our existing investors is an endorsement of our vision to disrupt the merchant acquiring and electronic payment acceptance industry through technology. Merchants across the board are now looking to streamline and automate processes. At Mswipe, we are working towards developing the next generation Android based smart POS terminals that will offer merchants capabilities like GST compliant billing and inventory management with integrated and seamless payment acceptance, on the same device. Merchants can further develop customized Android applications and easily integrate Mswipe’s payment platform with such apps using these smart POS terminals. All this, while ensuring the same level of security and trust for the customers”, added Manish.

Mswipe and PayU Partner for Digital Payments in India

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.