Mswipe launch digital payment product Bank Box for SMEs

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Mumbai: Mswipe launched Bank Box, a digital acceptance and payment solution designed to meet cost centric needs of MSMEs and merchants, and provide a seamlessly integrated experience.

Through this launch, Mswipe aims to address key challenges of recurring costs on POS terminals like PoS rentals and Merchant Discount Rate (MDR) for MSMEs and merchants.

Mswipe, is one of India’s major merchant acquirer with a network of 6.75 lakh POS and 1.1 million QR merchants. Bank Box is a one-stop-shop that enables easy signup, instant terminal activation with lifetime zero rental and zero effective MDR for merchants.

With a one-time digital KYC, businesses can choose between Bank Box Go – a POS solution with zero rental and zero MDR or Bank Box Lite – a QR solution with zero rental and 1% cashback on all transactions and instantly go live.

In both offerings, a merchant gets a UPI QR and a Moneyback Card. Bank Box Go additionally provides an affordable mPOS capable of accepting chip + pin and contactless card payments. For Bank Box Go, merchants have to pay a one-time fee of Rs. 4,000 plus taxes while for Bank Box Lite, they pay only Rs.199 plus taxes.

COVID-19 has significantly impacted the earnings of small businesses, which in turn has led to curbed expenditures from their end. Mswipe is helping MSMEs and merchants control costs incurred while accepting digital payments and further incentivise them,” said Manish Patel, Founder and CEO – Mswipe.

“Essentially, Mswipe’s Bank Box facilitates small medium and micro businesses to break into the digital ecosystem at the lowest possible TCO and sign up – even if they do not have a bank account,” added Patel.

“With Bank Box, we have democratized the digital acceptance and payments ecosystem for the smallest of businesses by giving them a choice,” said Sameer Hoda, President – Strategy and Operations, Mswipe.

“With Mswipe now both an acquirer and issuer, we have provided end-to-end digital enablement of MSMEs and merchants and empowered them to join the Digital Bharat movement,” added Hoda.

While mPOS allows acceptance of multiple modes of payments including UPI, Visa, Mastercard and American Express, mQR accepts payments from more than 150 UPI and mobile banking apps like PayTM, Axis Bank and BHIM among others. To spend digitally, merchants can load their Mcard with up to Rs 1,00,000 per month.

Mswipe is targeting merchants with an average daily digital collection of Rs 2,000 – Rs 2,500 in tier 3-4 markets and Rs 8,000 – Rs10,000 in metro and semi-urban areas.

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