The company will be entering a market where it will compete with players like Paytm and Reliance Jio Infocomm. Mswipe looks to expand services to the retail sector Mumbai-based card payments company Mswipe intends to expand its services to the organized retail sector by adding inventory management, billing, and other solutions to card transactions.
With this, the company will be entering a market where it will compete with players like Paytm and Reliance Jio Infocomm, which are trying to disrupt the offline payments space in a big way. Mswipe recently closed a Rs 220-crore fundraising round from its existing investors to support the expansion.
“As of now, we have been in the mobile PoS space, targeting small merchant establishments or catering to players who needed card payments on the move. With the new device we are rolling out, the target will be bigger establishments,” said founder Manish Patel.
“The new device comes with a full 5.5-inch display and glass casing and a printer which can compete with desktop PoS terminals,” he said.
With the new funding, the company will try to distribute these devices across major merchant outlets and double the count from its existing 4 lakh terminals.
Mswipe will allow developers to create apps for small merchants and publish them on the Mswipe Money Store.
“This can allow, for instance, a small restaurant owner to bring all the food delivery applications together, thereby allowing delivery processes to get streamlined,” he said.
Mswipe has already started deploying these terminals at six wholesale chains across electronics, garments, and FMCG categories. “The product can accept payments across all modes from cards to UPI and BharatQR,” said Patel.
Mswipe costs around $170 for the device. The company deploys them at merchant outlets and charges a small fee for all its services.
Meanwhile, Mswipe intends to strengthen its top management by naming three to four executives at the CXO levels.
The offline PoS space, which allows customers to make card swipes at retail outlets, is seeing hectic activity. After Jio set its eyes on this business, Paytm, which used to deploy QR codes, has launched Paytm Smart Retail to ensure that its customers stay with it. Companies like Innoviti Payments and Pine Labs have also invested heavily in expanding their services to retain market share.
