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Mswipe acquires PayU’s offline merchant PoS unit

 

Matrix-backed Mswipe announced its partnership with India’s leading internet payment service provider PayU to enable digital payments, expansion of workforce and network across 550+ cities.

According to deal terms, Mswipe will merge PayU’s existing offline PoS division team into its existing operations and workforce expanding its network to 220K terminals across 550+ cities. On the other hand, merchants associated with Mswipe will now be able to avail Internet payments services offered by PayU India.

 This bilateral alliance will also allow the merchant base of Mswipe to benefit from the various Internet payment services offered by PayU India. Furthermore, PayU’s merchants will have access to Mswipe for their entire POS services-related requirement.

PayU India, which acquired Citrus Pay last year, is among the leading online payment businesses in the country processing online transactions worth Rs 6,000 crore per month. PayU had an offline merchant acquisition team and has so far acquired over 9,000 offline merchants in the country.

PayU India CEO Amrish Rau said,

“We want to remain focused on driving disruptive payments product in the online payments space and decided to work with a partner for the offline side. This partnership allows us to work closely with Mswipe, which has been making a great stride in the offline space.”

Launched in 2011 by Manish Patel, Mswipe is a PoS service provider for a large merchant base. It also allows merchants to undertake plastic card payments through smartphones or ordinary feature phones. Headquartered in Mumbai, the company claims to have a team of 2000.

Mswipe founder and CEO, Manish Patel said

“POS terminals are the preferred medium of payments by customers to transact digitally at merchant locations. The partnership with PayU is mutually beneficial to both companies as it helps each consolidate its leadership positions in their areas of focus.the merchant network and the expanded footprint across small and mid-sized merchants will further help us bring them into the digital fold by offering affordable and convenient POS services.”

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