Mswipe launches new payment solution for small businesses

Mumbai-based payments company Mswipe has launched a new payment solution for small businesses aimed at addressing challenges like recurring cost on PoS terminals, rentals and merchant discount rate or cost borne for every digital transaction by the merchant.

The company intends to encourage the adoption of this solution among businesses affected by the pandemic that are constrained in their cash flows. It will enable small businesses to enter into the digital payments ecosystem at the lowest sign up costs, said Manish Patel, the founder of Mswipe.

Mswipe is offering two solutions, one with a hardware PoS and other with a QR code. It has added multiple features like cashback for the merchants, no rental and others to make it cost effective for merchants to accept payments digitally. Additionally, Mswipe will also provide merchants with a moneyback card, where all the cashback will get loaded.

Mswipe currently has a network of 6.75 lakh PoS terminals and 11 lakh QR code merchants. With this product, 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.

“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,” said Sameer Hoda, President - Strategy and Operations, Mswipe.