India based mobile payment processor Mswipe has raised $31m in Series D funding led by UC-RNT Fund. Vikram Vaidyanathan, Managing Director, Matrix India said, “Mswipe is the ‘universal acceptance’ solution for all merchants enabling them to accept any payment instrument – cards, wallets, UPI, NFC etc. In a rapidly changing payments landscape, Mswipe’s open technology platform and ability to deliver solutions at the lowest cost sets them apart. We are privileged to partner with Manish and team on their journey to create India’s largest digital acceptance network”.
Mswipe currently has a payment network of 2,46,000 terminals spread across 550+ cities. As much as 80% of Mswipe’s customer base comprises of SME merchants, typically supported by 1-30 employees. The turnover of these outlets is in the range of Rs 1 to 5 lakhs a month, and most these merchants have can accept credit and debit card payments for the first time through Mswipe. The annualized value of total transactions enabled by Mswipe across its network stands at Rs. 9,560 crores. Last year alone, the transaction value on the Mswipe network grew 4 times while the number of installations grew 3 times. The company recently acquired PayU’s offline POS division, partnered with Samsung Pay, Sodexo and launched BharatQR and UPI acceptance for Mswipe’s merchants showcasing their ability as an open platform capable of accepting all digital payments.