ALSO READHigh cost of cashless options pushing consumers back to cash: Survey Some banks begin levying MDR charges on debit card payments Banks, OMCs to bear card payment charges at petrol pumps: Pradhan Niti Aayog to rank states on digital metrics, seeks data Mswipe to acquire PayU's offline POS business operations
Independent POS (point of sale) merchant acquirer and network provider, Mswipe Technologies on Wednesday announced a Series D, or fourth strategic round of funding of $31 million. UC-RNT fund, a joint venture between Ratan Tata's RNT Associates and University of California along with existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the round, a statement issued by the company said. Mswipe will use the funds to develop the largest network of merchants accepting digital payments in the country, it said. The company currently has a payment network of 2.46 lakh terminals spread across over 550 cities. "With merchants of all sizes actively looking to enable digital payment acceptance at their establishments, we expect to grow exponentially going ahead, create card and electronic payment acceptance infrastructure across cities and widen our user base," Manish Patel, founder and CEO, Mswipe said. As much as 80 per cent of Mswipe's customer base comprises SME merchants, typically supported by 1-30 employees. The turnover of these outlets is in the range of Rs 1-5 lakh a month, and most these merchants can accept credit and debit card payments for the first time through Mswipe, it explained. The annualised value of total transactions enabled by Mswipe across its network stands at Rs 9,560 crore, it claimed. The company recently acquired PayU's offline POS division, partnered with Samsung Pay, Sodexo and launched BharatQR and UPI acceptance for Mswipe's merchants.