- The first ever digital on-boarding platform for the merchants
- The paperless solution will expand merchant ecosystem faster by reducing merchant on-boarding time from 3 days to flat 30 minutes
New Delhi, November 21, 2017: Committed to make India a cashless economy and enhance digital acceptance, Mastercard (NYSE: MA), world’s leading payments and technology company and Mswipe Technologies Private Limited, India’s largest independent POS merchant acquirer and network provider, today announced the launch of Asia’s first digital merchant on boarding solution.
At present, India has around 2.9 million PoS terminals with over 60 million merchants. Acceptance growth is key towards driving a digital economy. This platform aims to help increase the acceptance footprint exponentially in India by 2020. Being a paperless solution, it drastically reduces merchant’s on-boarding time from 3 days to 30 minutes, while banks usually take around 7 to 10 days for the same. This will enhance Mswipe’s ability to meet regulatory and KYC guidelines while acquiring merchants and reduce on-boarding risk.
This unique solution to digitally validate and authenticate KYC documents has been developed by Bangalore-based start-up Signzy. Currently, KYC is entrenched in the offline mode where physical documents are collated and submitted for completion, which takes at least 3 days.
Commenting on the collaboration, Mr. Porush Singh, Division President, South Asia, Mastercard said, “Post demonetization, there is an opportunity to drive more digital transactions by expanding acceptance. Through this collaboration, our focus is to deliver convenient, safe and secure technologies for merchants to accept electronic payments that will boost acceptance infrastructure in the country.”
Mr. Manish Patel, CEO, Mswipe said, “Mswipe’s objective is to digitize not only payments but all other business processes around payments. While almost every other element of the merchant acceptance business has gone digital, KYC authentication remains a big hurdle and leads to inefficient and sub-optimal merchant on-boarding experience. With our new solution, developed in partnership with Signzy and Mastercard, we are proud to become Asia’s first merchant acquirer to offer a digital on boarding platform with real time KYC. The solution is in line with Prime Minister Narendra Modi’s vision for Digital India.”
Mr. Arpit Ratan, Co-founder, Signzy said, “We are excited to collaborate with Mswipe and Mastercard to enable digital KYC for the first time in Asia. It’s our constant endeavor to provide digital solutions to banks and other financial institutions that are innovative and hassle-free. Through this collaboration, we hope to create a convenient yet safe digital infrastructure that ensures business innovation.”
Mastercard’s recent efforts in India have been towards providing full ecosystem and cash management tools to the SME segment, to encourage them to go cashless. Mastercard’s partnership with CAIT (Confederation of All India Traders) is driving a campaign with 63 million merchants and traders to create much greater awareness of benefits of electronic payments within the merchant community.
Mswipe currently has a payment network of 2.8 lakh terminals spread across over 644 cities. As much as 80% of Mswipe’s customer base comprises SME merchants, typically supported by 1-30 employees. Mswipe has integrated the solution with its field-force automation app F2A2, named on the lines of the iconic R2D2 robot from Star Wars, to enable its 2,000-strong sales team to digitally capture merchant profile information, KYC documents, and authenticate them in real time against 40+ different government databases.
About Mastercard
Mastercard (NYSE: MA), www.Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter@MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Mswipe
Mswipe is India’s leading independent merchant acquirer and financial services provider. Based out of Mumbai, the company has a 2,000 people strong pan-India sales and support network. The entire mobile POS solution comprising of mobile application on multiple mobile platforms, payment gateway, automated settlement and mobile POS terminals, has been developed in-house by Mswipe’s development team. Mswipe’s proprietary Wisepad G2TM is the first standalone EMV, PCI-PTS and NFC compliant mobile POS to be launched in India. The company has raised a sum of over $56 million from marquee investors like UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Axis Bank. To know more, please visit: www.mswipe.com