Mswipe - How it is Helping MSMEs Get the Best POS Solutions?

We can effortlessly handle our daily operations and business activities on the road now, thanks to smartphones. Our mobile phones have certainly proven effective in a whole number of activities. One more thing that they have revolutionized is the payment system, along with effective POS devices and terminals.

Whether you sell online, in-store, or offshore, using mobile payments is critical to providing your consumers with a seamless purchasing experience. You can stay connected to your consumers, increase revenue, and safeguard critical payment data using an Android or Apple smartphone, tablet, or wearable device. Besides, accepting digital payments is now easier with Mswipe.

Mswipe Technologies is helping many small businesses accept digital payments easily and quickly. Mswipe POS machines are affordable, and by downloading the Mswipe app, merchants can keep track of the payments received, manage billing, and a lot more effortlessly. Other than these POS solutions, Mswipe has also come up with many innovative products that have further made business transactions simpler for small and medium business owners.

Here's more about the Mswipe Founders and Team, Funding and Investors, Challenges Faced, Competitors, Mission and Vision, Acquisition, and more.

Mswipe - Company Highlights

Mswipe - About
Mswipe - Industry
Mswipe - Founders and Team
Mswipe - Startup Story
Mswipe - Mission and Vision
Mswipe - Name and Logo
Mswipe - Product and Service
Mswipe - Business Model
Mswipe - Revenue Model
Mswipe - Challenges Faced
Mswipe - Funding and Investors
Mswipe - Acquisitions
Mswipe - Growth
Mswipe - Partnership
Mswipe - Competitors
Mswipe - Future Plans

Mswipe - About

Mswipe was founded in 2011 to empower small businesses by enabling them to accept digital payments easily and quickly. Also known as Mswipe Technologies Pvt. Ltd., Mswipe can be described as a financial services and payments company that brings in exclusive POS, mPOS, card payments, and digital payments solutions to empower the smallest of merchants across the country.

Mswipe offers a POS (Point Of Sale) System that lets businesses accept all types of digital payments. i.e via cards, wallets, mobile payment apps, bank apps, QR Code scanning, and payment via links.

Mswipe - Industry

Mordor Intelligence's study analysis indicates that the India mobile payments market, which is expected to reach a valuation of USD 0.81 trillion by 2024, is expected to develop at a substantial rate. With a fantastic Compound Annual Growth Rate (CAGR) of 26.52% from 2024 to 2029, the estimate shows a robust trajectory and a spectacular expansion to reach USD 2.61 trillion by 2029.

This significant increase is a reflection of the nation's growing acceptance of mobile payment solutions, which is being fueled by shifting consumer tastes, technology improvements, and a quickly changing digital environment. The thorough analysis conducted by Mordor Intelligence highlights the tremendous potential and revolutionary effects of mobile payments in India, establishing the country as a major player in the global digital payment scene.

Mswipe - Founders and Team

Manish Patel (Co-Founder and MD) and Ketan Patel (Co-Founder and CEO) are the Co-Founders of Mswipe.

Manish Patel

Manish Patel is the Co-Founder and MD of Mswipe. Manish received his MBBS from Mumbai's Topiwala National Medical College, but rather than being a doctor, he chose to become an entrepreneur. Manish is currently known as the Founder and MD of the company. Patel previously served as the Director of Milestone Mercandise Pvt. Ltd., where he worked for over 12 years before founding Mswipe.

Ketan Patel

Ketan Patel has been promoted to Co-Founder of the company on November 9, 2023. and he served as the CEO of the company previously and was appointed to the position in July 2021. Patel is a University of Mumbai alumnus from where he completed his MMS. He served Kotak Mahindra Bank, as a Senior Vice President and Business Head. Patel previously was the CEO of CASHe, and the Founder and Managing Director of Ditya Finance Pvt. Ltd., before he joined Mswipe.

The total strength of Mswipe is reported to be around 1,001 - 5,000 employees.

Mswipe - Startup Story

Manish started Sante Wines and Beer, an alcohol business in Mumbai. As an entrepreneur, Manish noticed that getting affordable POS solutions was a daunting task for small and medium business owners.

“A small merchant could never get a terminal for himself to accept card payments from a cooperative bank or any smaller bank. The only choice was to succumb to terms imposed by larger banks and deliver what they asked for,” he says.

As an entrepreneur, Manish himself faced issues while finding cost-effective POS solutions. He observed that the POS solutions that the major banks were offering were not accessible and affordable for the owners of small and medium businesses. Manish realized that expensive technology was the reason behind high-priced POS.

“I understood that technology was the problem and it was an expensive affair for banks to invest in native terminals. They would only buy terminals from something like a Verifone,” Manish said.

Manish decided to change the situation and started up Mswipe in 2011. He assembled a technical team and built an end-to-end technological stack to develop the required technologies for low-cost, reliable PoS terminals with high battery life and connectivity. Mswipe launched its first product in 2012, which was a card reader that connected to the smartphone with a 3.5 mm headphone port.

The card reader transforms the mobile phone into a card acceptance device once it is connected. A GPRS mobile connection is the sole need. Besides cards, merchants may also accept payment through UPI platforms like BharatPe, Google Pay, PhonePe, and more.

Mswipe - Mission and Vision

The company's mission on it's website states "To provide holistic digital solutions to merchants. Cater to their growing diverse needs, contribute to their transformational journey with cutting edge products across payments and nimble solutions in loans along with value-added services."

The company's vision on it's website states as "To be the most preferred digital partner for merchants across categories."

Mswipe - Name and Logo

Mswipe is also known as Mswipe Technologies Pvt. Ltd.

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Mswipe - Product and Service

Some of the prominent products of Mswipe are:

New Payment Solution

A new payment option for small businesses has been introduced by Mswipe on August, 7, 2020. Mswipe provides two options: a QR code-based method and one with a hardware proof of stake. Several features have been added to make it more affordable for retailers to take payments online, including rewards for the merchants and no rental fees.

Meraonlinestore

The 'Meraonlinestore' app by Mswipe allows small businesses to develop and run their own online shop directly from the app. The app can be downloaded from the Google Play Store, one can use their Mswipe login credentials to log in, list products, send customers the store's link, and begin selling products online.

Mswipe - Business Model

Mswipe is a flexible fintech supplier that uses B2B and B2C business models. With a focus on digital payments and point-of-sale (POS) solutions, Mswipe provides a variety of POS terminals together with the Mswipe Merchant software for efficient transaction handling. Mswipe expands its POS services beyond the norm by means of apps such as 'Mventry' for invoicing, 'Meraonlinestore' for online retailers, and 'Moneyback' cards with cashback rewards.

Financial items such as an NBFC EMI card, fast business loans, and creative solutions like "ATM Express" and "Brand EMI" are all added to Mswipe's list of offerings. Small and medium-sized enterprises will benefit from the launch of "BankBox" in 2020, which will do away with POS rentals and Merchant Discount Rate (MDR) fees.

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Mswipe - Revenue Model

Mswipe makes money from different resources; some of the prominent ones are listed below:

Transfer of Services:

Mswipe makes money by selling a range of services, such as software solutions, point-of-sale (POS) equipment, and other associated services, to retailers and other businesses.
These services could include POS system setup, upkeep, and support, guaranteeing customers a smooth and effective payment processing experience.

Fees for Transaction Processing:

A sizable amount of Mswipe's income comes from transaction processing fees. A fee is assessed each time a consumer uses a Mswipe POS device to make a payment in order to cover the cost of processing the transaction quickly and securely.
The transaction processing fees are a source of income for Mswipe and are commonly expressed as a flat amount per transaction or as a percentage of the transaction value.

Payment Gateway charges:

Mswipe charges a one-time fee for its device and subscription fees for its subsequent services. However, it refrains from offering devices for sale. The company reportedly offers 3 different devices and subscriptions across two separate monthly plans. The monthly subscription fee that Mswipe charges is much less than its peers, like Pine Labs.

Mswipe - Challenges Faced

Mswipe encountered several challenges due to its limited focus on selling POS terminals to merchants in its early stages. Being a "one-trick pony" business that only offered one type of credit/debit payment acceptance posed the most problems. Due to its limited functionality, Mswipe was susceptible since it was easy for retailers to switch to rivals' more varied and possibly profitable point-of-sale systems.

For Mswipe, the fiercely competitive environment was yet another formidable obstacle. The digital payment industry has experienced a surge in competitiveness as multiple well-capitalized competitors have entered the market. Mswipe had to negotiate a market where differentiation and agility were essential for sustainability and growth in the face of bigger and more varied competitors. For Mswipe to prosper in the very competitive digital payment industry, it became necessary to expand its offers and adjust to the changing market dynamics.

Mswipe - Funding and Investors

Mswipe has raised $117.5 in 10 rounds of funding.

Here are the funding details:

Mswipe - Acquisitions

Mswipe acquired Payubiz - Division on May 16, 2017, which is the maiden acquisition of the company.

Mswipe - Growth

Mswipe growth highlights are:

• Mswipe had over 1 million customers as of February 2024.
• It has a presence across 900+ cities.
• The company has acquired 675,000+ POS as of 2022.
• It has 1.1 million+ QR merchants as of 2022.

Financials

Mswipe - Partnership

Mswipe has partnered with many companies; some of the prominent ones are:

Actyv.ai

Actyv.ai, a B2B supply chain management platform, and Mswipe have partnered on November 13, 2022 to enhance payment options for Indian retailers. With this partnership Mswipe will leverage actyv.ai's technology stack, allowing the merchants to make informed decisions regarding their distributors and vendors.

Worldline

Global leader in payment services Worldline announced that it has partnered with Mswipe Technologies on June 20, 2023, an Indian payment aggregator, to offer Brand Equated Monthly Instalments (EMI) as a value-added service that lets companies offer free EMI financing from multiple brands on Worldline Android Smart POS devices all over the nation.

Etisalat

In order to introduce uTap, Mswipe Technologies, the top provider of point-of-sale (POS) and full stack payment solutions in India, has partnered with etisalat on August, 7, 2023 by e& to extend to the UAE. By using Mswipe's reputation and etisalat by e&'s robust telecom brand recognition in the United Arab Emirates, they want to spur growth and assist businesses in streamlining operations and managing payments.

Mswipe - Competitors

In the payment solutions market, Mswipe is up against several very competitive rivals. Some of the prominent ones are:

• Paytm
• ePaisa
• Mosambee
• Square
• FTCash
• Citrus Pay
• EIS Group
• Wave Money
• TransferMate, and AfterPay Touch are the most prominent competitors of Mswipe.

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Mswipe - Future Plans

The goals of Mswipe's future roadmap are to expand its market penetration and technological resiliency. The money raised will go toward strengthening the tech and product infrastructure as well as growing the merchant payment network. The customer base is intended to be diversified through targeted industry cooperation and geographic expansion.

Innovation is given priority in point-of-sale system evolution, particularly in contactless payment methods, and technological fortification is reinforced by strong security protocols and scalability enhancements.

For service enhancement, strategic alliances with banks and fintech companies are expected. The focus of marketing initiatives is brand recognition with an emphasis on innovation and trust. Regulatory compliance, data analytics, and customer service investments complete Mswipe's all-encompassing plan for long-term success in the cutthroat market for merchant payment solutions.

FAQs

What does Mswipe do?

Mswipe offers affordable POS solutions for small and medium businesses. Besides POS systems, the company also provide other services like easy business loan, credit card, apps, and platforms that make managing business easy.

Who founded Mswipe?

Mswipe, a mobile POS solution company founded by Manish Patel in March 2011, primarily targets small and medium businesses (SMEs) who is currently the Founder and Managing Director of the company.

Where is Mswipe headquartered?

Mswipe Technologies is headquartered in Mumbai, India.

How does Mswipe make money?

Mswipe's sources of revenue include sign-up fees, transaction processing fees, support services fees, payment gateway charges, and fees for other value-added services.

Which companies do Mswipe compete with?

Ezetap, ePaisa, Mosambee, Square, FTCash, Citrus Pay, Paytm, EIS Group, Wave Money, TransferMate, and AfterPay Touch are the most prominent competitors of Mswipe.