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<ul><li><keyword id="1745661" type="PERSON" weightage="20" keywordseo="Mswipe">Mswipe</keyword> founder Manish Patel said that the company has enough cash for at least 3 years. </li><li>The company said it has achieved break even even before the lockdown began.</li><li>Mumbai-based Mswipe had raked in ₹1.42 billion in revenue post demonetisation in the year 2016-17. </li></ul>On Friday morning (April 24), a report said that Point-of-Sale startup Mswipe was looking for buyers as it had <a href="https://entrackr.com/2020/04/exclusive-mswipe-looks-for-a-lifeline-as-it-runs-out-of-cash/">run out of cash</a>. With the coronavirus pandemic, investors had predicted that many <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> which don’t have a runway for at least a year will find it difficult to survive the recession. But Mswipe has now denied the report and, in the process, revealed that the firm has already broken even. “Mswipe achieved company-wide cash breakeven before the COVID lockdown began, in March 2020. During this time period we also enjoyed robust growth of 50%+ YoY. The company is currently focused on building and pushing additional digital value-added services to its SMEs and is in the process of on-boarding top talent,” said Mswipe Founder and CEO Manish Patel. The startup had also raised $30 million in a series-E round in April 2019 and planned to sign up 1.5 million merchants by the end of March 2020. The company today said that it has over 1.3 million merchants on its platform currently. Not just that, the statement added that it has a “runway” for at least 3 years. “Even under a scenario where India is locked down for an entire year, Mswipe is in the enviable position of enjoying a comfortable runway of over 36 months. As such, we will continue to focus on our growth strategy, will soon be launching additional products that seek to further strengthen our leadership position in the SME focused market,” said Patel. The inflection point came after six years in business Founded in 2011, Mswipe was one of the startups that rode the demonetisaton wave. Mumbai-based Mswipe had raked in ₹1.42 billion in revenue post demonetisation in the year 2016-17. The Indian government’s ban on 86% of the currency notes in circulation in November 2016 was a huge blessing for firms like MSwipe as it <a href="https://www.businessinsider.in/mswipes-app-store-will-build-apps-exclusively-for-indian-smes/articleshow/70139695.cms">pushed people to use digital payments. </a> The PoS business has seen great traction in India. Mswipe also sees competition from <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, <keyword id="1552189" type="PERSON" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> and more. According to a RBI report from January 2020, PoS terminals from banks alone go up to 4.9 million in India, up from 3.6 million a year ago. In July 2019, MSwipe had also launched an app store called Money Store which will house merchant-centric apps. This however is not restricted to payments, but will help digitize several other verticals of their businesses. See Also: <a href="https://www.businessinsider.in/mswipes-app-store-will-build-apps-exclusively-for-indian-smes/articleshow/70139695.cms">Mswipe opens an app store, developers will now have access to 500,000 merchants</a>

MSwipe a nine-year old point-of-sale startup reveals that it has broken even while denying a report that it is up for sale

<ul><li>Point-of-Sale startup <keyword id="1745661" type="PERSON" weightage="20" keywordseo="Mswipe">Mswipe</keyword> has raised $30 million and now plans to acquire 1.5 million merchants by 2020. </li><li>The Indian PoS market has been fast-growing with even the likes of Amazon, Google expanding to offline markets. </li><li>The focus now is on building technology-driven devices or apps that will make way for <keyword id="7488649" type="UNKNOWN" weightage="20" keywordseo="smart-billing">smart billing</keyword> systems.</li><li><keyword id="1034238" type="COMPANY" weightage="20" keywordseo="Poynt">Poynt</keyword>, a smart terminal which has been founded by the creator of Google Wallet <keyword id="225346" type="PERSON" weightage="20" keywordseo="Osama-Bedier">Osama Bedier</keyword>, too is looking to enter India.</li></ul>The Indian government has set ambitious goals for the country to become a cashless economy. And pushing forward this digitisation are point-of-sale terminals or portable billing machines. Now, PoS startup Mswipe, has raised $30 million in a series E round with plans to sign up 1.5 million merchants by FY 2020. Mumbai-based Mswipe, which raked in ₹1.42 billion in revenue post demonetisation in the year 2016-17, has been possibly one of the biggest beneficiaries of the note ban apart from Paytm. The cost of a Mswipe machine starts at ₹1,500. The 7-year-old startup also appears to be gearing up for competition. Be it the Indian competitor Payswifff or US-based Poynt. Poynt – a smart terminal which is the brainchild of Osama Bedier, the creator of Google Wallet – is also looking at India as an ideal market. Poynt, as Bedier likes to call as the ‘Android’ for digital payments. But the focus now has to be on technology. Mswipe is developing its technology with the introduction of WisePoS, a smart billing machine that will enable retailers to run multiple applications on them including billing, inventory management and supply chain along with integrated payments. It is also currently piloting the MoneyStore, an app store for payment productivity apps. “Tech powered products will add significant value to merchants including an app-based ecosystem to help our merchant partners beyond payments. We are big believers in offering merchants access to a merchant-friendly cost-effective open ecosystem,” said <keyword id="182064" type="PERSON" weightage="20" keywordseo="Manish-Patel">Manish Patel</keyword>, founder and CEO, Mswipe. Meanwhile, Poynt offers an open operating system that can power any smart payment terminal worldwide. “300 million smart payment devices will exist in the next five years. 50 million of those will be in India. These devices will be responsible for at least half of the world’s commerce. If these devices are changed to computing devices, the software that runs on those that will be a trillion dollar business. In an app store model, where you take 10 or 20% just to distribute that, that itself is a $200 billion business,” Bedier told Business Insider in <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">an earlier interview</a>. This market opportunity is not missed by the big players – Amazon, Google – who are all rushing to have a pie of the offline payments market. It’s India’s bullish move to be a cashless economy that has empowered the presence of these PoS terminals. According to RBI report from January 2019, PoS terminals from banks alone go up to over 36 lakhs in India. See Also: <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">The creator of Google Wallet is making a big bet on India via his 4-year old startup</a>

A lot of money is flowing into making 'smart' billing machines in India

<ul><li>Mumbai-based <keyword id="1745661" type="PERSON" weightage="20" keywordseo="Mswipe">Mswipe</keyword> has launched an <keyword id="115504" type="ORGANIZATION" weightage="20" keywordseo="App-Store">app store</keyword> called <keyword id="7846164" type="UNKNOWN" weightage="20" keywordseo="money-store">Money Store</keyword>.</li><li>The app store will have apps for merchants to help them digitize their businesses. </li><li>The platform will have 200 apps.</li></ul>Point-of-sale terminal startup Mswipe has launched an app store called Money Store which will house merchant-centric apps. This however is not restricted to payments, but will help digitize several other verticals of their businesses. To bring these productivity apps on board, Mswipe partnered with app-makers like GoFrugal, Logic ERP, ePaisa, Logosoft, Adequare, Retailware, Intution, Clinicia and nGO. Software developers will be able to showcase their apps on the store, and get direct access to 500,000 merchants. The app store which will have 200 apps, already has 100 apps available at the time of launch. “Automation can be a game changer for SME merchants. The Money Store with its best-in-class productivity apps will substantially enhance the value of our products for our customers enabling them to increasingly use their POS terminals for activities like sales, purchases, inventory management, purchase of goods, etc besides accepting all types of payments,” said Manish Patel, Founder and CEO, Mswipe. In April 2019, Mswipe raised $30 million in a series E round with plans to sign up 1.5 million merchants by 2019-20. Mumbai-based Mswipe had raked in ₹1.42 billion in revenue post demonetisation in the year 2016-17. According to an RBI report from January 2019, the number of PoS terminals from banks alone went up by over 3.6 million in India.

Mswipe opens an app store, developers will now have access to 500,000 merchants

<keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword>’s aggressive push for cashless society is showing some results post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> as digital transactions have gone up by 25% since demonetisation announcement. 
 Not only in organised retail, <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="Digital-Payments">digital payments</keyword> saw an increase from roadside merchants as well, who are shifting to digital payments. 
 
"From month on month, now we are checking weekly growth data which is showing a jump of around 5 per cent per week, which is a very healthy number. The average value of each transaction which had slipped to Rs 2,000 from Rs 2,700 before November 8 has now stabilised at that level," Lokvir Kapoor, chief executive officer at Pine Labs, which facilitates installation of point of sale (PoS) terminals at merchant outlets, told ET. 
 
Since note ban, Pine Labs has been processing around 1.1-1.2 million transactions on an average per day. Before demonetisation, the figure was nearly 5 lakh on an average weekday. 
 
"We did 2 million transactions last Sunday; this Sunday being Christmas, we saw 2.2 million transactions on our network which is a healthy 10 per cent jump," Kapoor told ET. 
 
"We are mostly prevalent in smaller cities like Jaipur and Chandigarh and are operating 10,500 PoS terminals presently. Now, our call centre is flooded with queries from merchants who wish to accept digital payments; we received an order of 3,000 terminals over the past one month," Jitendra Gupta, managing director, PayU India, told ET. 
 
India has around 15 lakh PoS terminals, almost 74 crore (740 million) debit cards and 2.7 crore (27 million) credit cards. This data does not refer to wallets which are a parallel network. 
 
These mobile wallets too have started reaping the benefits of demonetisation. 
 
Card processing companies and banks have upgraded their bandwidth to process the rising number of payments. 
 
"I believe it will take around 18-24 months of consistent push from the authorities in order to bring about a behavioural shift in Indians. The habit of making payments through cash has to change so that people even make card transactions for small purchases," Manish Patel, founder of mSwipe, which also works with roadside stalls, told ET.

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MSwipe a nine-year old point-of-sale startup reveals that it has broken even while denying a report that it is up for sale

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A lot of money is flowing into making 'smart' billing machines in India

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Mswipe opens an app store, developers will now have access to 500,000 merchants

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From average 5 lakh to 1.2 million per day, digital transactions have gone up by 25%, thanks to demonetisation

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