MSwipe

The RBI allowed another window to PAs existing as of March 2020 to apply to the central bank for a license

Deployers of point-of-sale terminals are rethinking the way business is done

Pinelabs, MSwipe, Ezetap, FSS, Hitachi payments, Worldline, etc. are some offline payment aggregators

Joins companies allowed to manage and process merchants' online transactions

CEO Ketan Patel says efforts on to encourage merchants to adopt PoS machines despite zero MDR benefit of UPI payments

The funding would help the firm compete and take on players such Pine Labs, Paytm and Mswipe

Firm will scale up value-added services like insurance at point-of-sale terminals, micro ATMs, says new CEO Ketan Patel

At the Business Standard Unlock BFSI 2.0, leading minds of the payments industry and fintech players discuss the opportunities and challenges thrown up by Covid

It's important to note that unlike ATMs, the scheme is not advertised or visible to the general public

Phones have become 'smartphones', and TVs have become 'smart TVs'. Everything is becoming smarter, but we mostly have dumb terminals at merchant outlets, says Patel

The point-of-sale network provider aims to have 1.5 million merchants on its platform by the end of FY 2020

Mswipe expects to onboard over 500,000 merchants for this initiative in the current financial year

Ratan Tata-backde UC-RNT fund and others have invested around Rs 200 crore into Matrix-backed digital payment technology firm Mswipe Technologies Pvt Ltd. The company will use the funds to develop the largest network of merchants accepting digital payments in the country.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 invested in the round. The company has earlier raised a sum of over $56 million from marquee investors like Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Axis Bank.Mswipe Technologies Private Limited, a POS merchant acquirer and network provider, currently has a payment network of over 2,46,000 terminals spread across over 550 cities. Over 80 per cent of Mswipe's customer base comprises of SME merchants. The annualized value of total transactions enabled by the company across its network stands at Rs 9,560

Company will use funds to develop largest network of merchants accepting digital payments