The company will be entering a market where it will be competing with players like Paytm and Reliance Jio Infocomm.
Mswipe looks to expand services to retail sector Mumbai-based card payments company Mswipe intends to expand its services to the organised retail sector by adding inventory management, billing and other solutions to card transaction.
With this, the company will be entering a market where it will be competing with players like Paytm and Reliance Jio Infocomm, which are trying to disrupt the offline payments space in a big way. Mswipe had recently closed an Rs 220-crore fundraising round from its existing set of 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. Now, 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 come up with apps for small merchants and publish those 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 get streamlined,” he said.
Mswipe has already started deploying these terminals at six wholesale chains across categories like electronics, garments and FMCG. “The product can accept payments across all modes from cards to UPI and BharatQR,” said Patel.
The device costs around $170 for Mswipe. The company deploys those at merchant outlets and charges a small fee for all the services it offers.
Meanwhile, Mswipe intends to strengthen its top management, by naming three-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 in 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 been investing heavily in expanding their services to retain market share.