Mobile point of sale (PoS) solution provider Mswipe Technologies has taken over the offline merchant acquiring business of PayU India. The partnership will also allow the merchants of both businesses to access online and offline payments.
Via this partnership all of PayU’s offline merchants along with its PoS business will also get transferred to Mswipe. The partnership will also help respective merchants of both businesses transition smoothly to offline or online payments. PayU’s offline merchant acquisition team and has so far acquired over 9,000 offline merchants in the country. PayU India CEO Amrish Rau said in a statement to:
“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,“ .
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. Mswipe Technologies CEO Manish Patel said on this development:
“It is difficult to be leaders in both offline and online businesses, as they have two different processing capabilities. The partnership with PayU is mutually beneficial to both companies as it helps us consolidate our leadership positions in our respective focus areas,“
“We have over 3 lakh merchants using our platform and we do come across merchants who have a need for offline payment acceptance. Having a strategic partner like Mswipe allows us to complete our portfolio and provide comprehensive payment options to all our merchants,“
A major portion of Mswipe’s merchant base comprises of SMEs, who can move to online payments through PayU’s payment gateway. This partnership will definitely help both businesses broaden their horizon by increased acceptance as a payment option and acquiring new merchants.