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.