ADVERTISEMENT

Mumbai-based Mswipe waives MDR charges for small businesses, providing digital payments solutions
M

The startup's Bank Box product would allow merchants to process all debit and credit card transactions, including the ones issued by Visa and Mastercard, without being charged any rental or MDR on the same. 

Mumbai-based fintech firm Mswipe has launched its new payment solution for small businesses that is aimed at addressing challenges like recurring cost on point-of-sale terminals, rentals, and merchant discount rates that is borne by the merchants for each digital transaction, as reported by ET (1).

The startup’s Bank Box product would allow merchants to process all debit and credit card transactions, including the ones issued by Visa and Mastercard, without being charged any rental or MDR on the same. 

The company will be providing hardware PoS and QR code solutions to the merchants and has also added multiple features like cashback for the merchants, no rental & others to make it cost-effective for merchants to accept payments digitally. Moreover, Mswipe will also be providing the merchants with a cashback card where all the cashback will be stored. 

Promoting adoption of digital payments

The fintech company aims at promoting the adoption of this solution among the businesses that have been affected by the pandemic, which has led to restrictions in their cash flows. 

This will allow small businesses to enter the digital payments ecosystem at the lowest sign-up costs while preventing the spread of COVID-19 disease. 

MDR is a fee accrued by banks which is levied from the merchants processing the transactions.

Mswipe presently has a network of 6.75 lakh PoS terminals and over 11 lakh QR code merchants, and with its Bank Box, it will be targetting merchants with a daily digital collection of over Rs 2-2.5k in tier III and tier IV regions, and Rs 8-10k in metro and semi-urban areas. 

+ posts

A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Saumya Uniyal
Saumya Uniyal
A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

NSE knowledge hub

NSE Knowledge Hub Collabs with LetsVenture, to Create Insightful Content on Private Market

0
On Wednesday, NSE Knowledge Hub (1), an AI-powered platform from the NSE Academy, and LetsVenture has signed a deal to create courses and insightful...
Google for startups

Google For Startups Program to Back 20 Indian Startups

0
On Tuesday, Google India stated that it is backing 20 startups from India as part of its GFS, Google For Startups Accelerator Program (1)....
Robinhood

Robinhood Bags 660M USD in Latest Fundraise

0
On Tuesday, Spokeswoman of the fintech startup, Robinhood (1), stated that the company had raised 660 million USD from its investors with the latest...
clanconnect.ai

ClanConnect.ai Secures 5 Crore INR in Seed Funding Round

0
ClanConnect.ai, an AI-driven influencer marketing startup (1) based in Delhi, has secured five crore INR in its seed funding round. Venture Catalysts led the...
Melorra

Melorra Secures 12.5M USD from Symphony Asia and Others

0
On Wednesday, Melorra (1), a Bengaluru-based jewelry startup, has stated that it has secured 12.5 million USD from Symphony Asia, one of Asia's first...
BYJU'S

BYJU’s Gets Undisclosed Fund From BlackRock and Others

0
On Tuesday, BYJU's (1), the edtech major, stated that it had secured an undisclosed amount from BlackRock, Alkeon Capital, and Sands Capital. Owl Ventures,...
Inside Edge Season 3

Inside Edge Season 3- What We Know So Far?

0
INDEX: Introduction  The cast of Inside Edge Season 3 The Plot Expectations Release date of Inside Edge Season 3   Introduction: Inside Edge is one of the...
onsitego

Onsitego Secures 30M USD in Series B Funding Round

0
On Tuesday, 22 September, Onsitego (1), a Mumbai-based after-sales service startup, secured 30 million USD from IFC as part of its Series B fundraise....
ADVERTISEMENT