India-based Mswipe has rolled out a new payment solution for small businesses that will enable them to process debit and credit card transactions without incurring rental or merchant discount rate (MDR).
This includes the cards issued by Visa and Mastercard.
The company is encouraging the adoption of the new ‘Bank Box’ solution to those businesses that are low on cash due to the ongoing Covid-19 pandemic.
Mswipe founder Manish Patel said that using Bank Box, businesses can enter the digital payment ecosystem at lower signup costs.
The company is offering two products; a POS solution and a QR code solution.
These products come with multiple features like cashback for merchants, no rental, and more, for cost-effective digital payment acceptance.
Moreover, Mswipe is providing a moneyback card, enabling cashback to get loaded.
Mswipe president of strategy and operations Sameer Hoda said: “With Bank Box, we have democratized the digital acceptance and payments ecosystem for the smallest of businesses by giving them a choice, with Mswipe now both an acquirer and issuer, we have provided end-to-end digital enablement of MSMEs and merchants.”
Currently, the Mumbai-based company has a network of 675,000 POS terminals and 1.1 million QR code merchants.
Through Bank Box, Mswipe is looking to onboard merchants with a daily average collection of INR2,000-2,500 in tier 3 or 4 markets and INR8,000-10,000 in Metro and semi-urban areas