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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 fast. 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 is more about Mswipe, how the company started and how it is making an impact.
Mswipe - Company Highlights
| Startup Name | Mswipe Technologies Pvt. Ltd. |
|---|---|
| Headquarters | Mumbai, Maharashtra, India |
| Industry | Financial Services, Payments,FinTech] |
| Founder | Manish Patel, Ketan Patel |
| Founded | Mar 1, 2011 |
| Areas Served | India |
| Website | mswipe.com |
Mswipe - Industry
About Mswipe and How it Works?
Mswipe - Name and Logo
Mswipe - Founders and Team
Mswipe - Startup Story
Mswipe - Mission and Vision
Mswipe - Business Model
Mswipe - Revenue Model
Mswipe - Shareholding
Mswipe - Growth
Mswipe - Product And Service
Mswipe - Funding and Investors
Mswipe - Acquisitions
Mswipe - Partnership
Mswipe - Competitors
Mswipe - Future Plans
Mswipe - Industry
As reported in 2020, the mobile payments market was valued at $1449.56 billion in 2020, which was further estimated to rise to $5399.6 billion by 2026. This industry was also estimated to grow at a CAGR of 24.5% over the period between 2021 and 2026), which is certainly a huge expansion.
Another Statista report in the financial year 2021, has recorded around 44 billion digital payments across India. Thus, it is evident that many Indians prefer to pay digitally now. As such every business including small businesses and street vendors should be ready to accept payments digitally to grow their business.
Stores and merchants are rapidly embracing the faster, digital methods of payment including card payments, digital payments, QR code-based payments, POS platforms and payments, and more. In this scenario, POS and payments solutions like Mswipe can hope for huge growth in the upcoming years.
About Mswipe and How it Works?
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, digital payments solutions to empower the smallest of merchants across the country.
Mswipe offers 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 - Name and Logo
Though we could not track any story behind the name Mswipe, the name most likely is derived from the act of swiping cards for making digital payments. The company's primary product includes card readers that help transform a mobile phone into a card swiping machine, hence the name Mswipe.
Mswipe - Founders and Team
Manish Patel
Mswipe Technologies Pvt. Ltd. was founded by Manish Patel in March 2011. 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 Cofounder 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.
Vidhi Punamiya
Mswipe - Mission and Vision
Mswipe strives to provide seamless mobile POS solutions to the merchants of India who are lacking easy and effective POS solutions and thereby create India’s largest financial services platform for SMEs.
Mswipe was established with the vision of allowing even the tiniest store owner to participate in the digital payment industry and benefit from the digital economy.
Mswipe - Business Model
Mswipe can be described as a fintech company that provides digital payments and POS solutions for merchants and users. Thus, it operates on a B2B as well as a B2C model.
Mswipe products include a variety of POS terminals that businesses can choose from as per their requirements and budget. By downloading the Mswipe Merchant app, the merchants can check and manage various transaction-related data easily. From receiving transaction alerts to accessing invoices and Statements of Accounts, the Mswipe Merchant app simplifies business for the vendors.
However, Mswipe is not just about POS terminals, the company has a lot more to offer, which will help small businesses grow. Mswipe's 'Mventry app' helps vendors take care of everything from billing, inventory management, and GST. Mventry also allows one to manage the transactions of multiple outlets from a single device.
Mswipe's app 'Meraonlinestore' is designed to let small businesses create and manage their own online store from the app. One can download the app from Google Play Store, log in using the Mswipe credentials, list the products, share the link of the store with the customers, and start selling online.
Moneyback card by Mswipe lets one make secure payments anytime and anywhere within India, and receive 1% cash back on every transaction. Mswipe also offers an NBFC EMI card, which is a pre-approved credit card that can be used for purchase from any Mswipe merchant. The credit card bill can be paid in easy installments. Mswipe also provides quick business loans. Businesses can apply for loans from the Mswipe Merchant app itself.
In November 2020, Mswipe launched Brand EMI. This option lets businesses offer their customers zero interest EMI financing from brands. Availability of financing options leads to an increase in sales. Other than that, Mswipe has also introduced innovative services like 'Money Store' and 'ATM Express'.
'Money Store' is an app store that includes curated apps related to inventory management, billing, and more that merchants can use to grow their business. Money store is preloaded on Mswipe's smart POS terminals. 'ATM Express' is a service wherein the POS terminal, also acts as a mini ATM. Customers can withdraw cash from this POS cum ATM, and the merchant earns up to Rs. 8 per withdrawal.
In August 2020, Mswipe launched yet another revolutionary product BankBox. Merchants usually need to pay rentals for POS and MDR(Merchant Discount Rate), which is a charge that is levied every time payment is accepted through POS. Mswipe's BankBox comes with Zero Rentals and Zero MDR for a lifetime, which is a huge relief for small and medium businesses.
Besides small businesses, many big companies are also using Mswipe's POS solutions for accepting payments. HDFC Life Insurance and Max Bupa, use Mswipe POS for accepting insurance premiums at customers' homes. Other notable clients using Mswipe's services include Jabong, Myntra, Orchid Hotel, Inox, and Satyam Cinemas.
The Mswipe POS terminal offers information on payment-related data, which serves as a secondary source of income for the firm. Mswipe does not sell its products. Rather, the firm charges a one-time cost for its gadget and a monthly fee for its services. It provides three distinct devices and subscriptions over two different monthly plans, according to the company's website.
In 2017, Mswipe acquired payment gateway service provider PayU India. Thus, Payment gateway costs, which used to go to Mswipe's partners, have now become a new source of income. Other sources of income include sign-up fees, transaction processing fees, income from support services, and the sale of products, according to the company's filings.
Himaya Presthitha
Mswipe - Revenue Model
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 are much less than its peers like Pine Labs.
Mswipe successfully acquired the payment gateway services provider, PayU, which is the reason why it has discovered a new revenue stream of the payment gateway charges.
Mswipe - Shareholding
- Founder 14.76%
- Fund 74.28%
- Enterprise 1.54%
- Angel -
- ESOP 7.62
Mswipe - Growth
Starting as a mobile POS solutions provider, Mswipe today has developed many fintech solutions including credit cards, loans, etc. Mswipe boasts of being the largest POS acquirer in India with 675,000+ POS and 1.1 million+ QR merchants as of 2022.
Mswipe has received the license approval to serve as a payment aggregator from the Reserve Bank of India (RBI), as per reports dated August 10, 2022. This will now help the startup offer full-stack payment solutions to offline and online merchants, thereby easing the lives of Indian merchants. Besides, it also has plans to add more merchants to the platform.
The RBI nod for Mswipe comes after the central bank and regulatory banking body of India have approved Razorpay, Stripe, Pine Labs, and more startups.
Mswipe Financials
Mswipe's operational revenue in FY21 decreased by 40% to stand at Rs 209.6 crore ($27.79 mn), and this can be pointed out as an aftermath of the Covid-19 onslaught. The processing of transactions and the fees from its support service are some of the verticals that are responsible for bringing home a major chunk of its revenues. The startup previously managed to grow by 34.6% in its operational revenues, which stood at Rs 348 crore in FY20 from Rs 258.5 crore in FY19.
However, amidst the lowering of revenues and the rising expenses, Mswipe managed to reduce losses by 39% to Rs 90 crore in FY21, which was Rs 148.1 crore in the previous fiscal. The Mswipe losses were Rs 58.1 crore in FY19.
Mswipe's total expenditure were registered Rs 520.2 crore in FY20, which grew by 55% from Rs 335.7 crore in FY19. Mswipe expenses were noted to be Rs 310.77 crore in FY21, which fell with the reduction of its scale.
On the financial side, Manish claims that the FinTech broke even on a cash basis, something he claims only a handful FinTechs have done. MSwipe claimed in a statement made around March 2020, that it has grown by 50% year over year. Over 5 lakh merchants in India, are using Mswipe devices.
Mswipe - Product And Service
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 - Funding and Investors
B Capital, Ratan Tata's UC-RNT, Falcon Edge Capital, Epiq Capital, Matrix Capital Partners, and DSG Partners have all contributed to the $97.5 million worth of Mswipe funds via 9 fundraising rounds it has witnessed to date.
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| May 14, 2019 | Venture Round | - | InnoVen Capital |
| Mar 13, 2019 | Series E | $29.17M | B Capital Group |
| Aug 7, 2018 | Venture Round | — | Epiq Capital |
| Dec 7, 2017 | Series D | $10M | B Capital Group, DSG Consumer Partners |
| Jun 21, 2017 | Series D | $31M | UC-RNT Fund |
| Jul 22, 2015 | Series C | $25M | — |
| Feb 3, 2014 | Series B | — | Matrix Partners India |
| Jan 10, 2013 | Series A | — | Matrix Partners |
| Jan 1, 2012 | Seed Round | — | — |
Mswipe - Acquisitions
Mswipe acquired Payubiz - Division on May 16, 2017, which is the maiden acquisition of the company.
| Acquiree Name | About Acquiree | Date | Amount |
|---|---|---|---|
| Payubiz - Division | Payubiz - Division is an online payment solutions company. | May 16, 2017 | - |
Mswipe - Partnership
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
Some of the Mswipe competitors are:
- Ezetap
- ePaisa
- Mosambee
- Square
- FTCash
- iKaaz
- Citrus Pay
- Paytm
- EIS Group
- Wave Money
- TransferMate, and AfterPay Touch are the most prominent competitors of Mswipe.
Himaya Presthitha
Mswipe - Future Plans
Mswipe founder Manish Patel claims that MSwipe has a lot of interesting products coming up once the COVID-19 epidemic is contained. Revealing the future plans Manish said, "We will continue to focus on our growth strategy, and will shortly be releasing new products that seek to further enhance our leading position in the SME market." Furthermore, Mswipe is looking to expand its business by extending its POS devices to over 100K customers.
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, iKaaz, Citrus Pay, Paytm, EIS Group, Wave Money, TransferMate, and AfterPay Touch are the most prominent competitors of Mswipe.
