Electronic Payments Are The Epicenter Of Transformation, Says CEO, Mswipe
In an interaction with Urvi Shrivastav, Editorial Lead, BW BFSI, BW Businessworld; Ketan Patel, CEO, Mswipe Technologies speaks about digital transactions in India and the plans Mswipe has in this domain.
What are you doing to address the fast-growing adoption of digital payments?
The last two years have seen rapid adoption of technology globally, with India spearheading this transformation. The value of digital payments in India is set to increase threefold from US$3 trillion today to US$10 trillion by 2026, with digital payments accounting for over 65% of them. A combination of government measures, collaborating with payment bodies and fintech players showcase their commitment toward a "faceless, paperless, cashless" economy.
Fintech players have been key drivers of this paradigm shift with UPI adoption and a large QR-code-based merchant acceptance network. Fintechs have allowed for the development of cost-effective customised services that both empower smaller merchants and enable cashless payments even in remote areas. Electronic payments are the epicenter of transformation, helping authenticate transactions and propel financial inclusion.
With the impetus given to digital transactions during the pandemic, there is an increasing need to help merchants cope with a higher volume and value of payments, especially through PoS machines. Traditional banks and NBFCs do not cater to their needs, whereas we at Mcapital, the lending subsidiary of Mswipe, provide unsecured business loans to suit their requirements. We aim to be a one-stop shop that offers in-store, online, and omnichannel acceptance along with value-added services, so that our merchant partners can progress along with us.
What are the issues Mswipe has faced and is facing while extending its reach?
Our biggest challenge during the initial years was getting the merchants to adopt PoS machines in the first place and change the misconception that they would eat into their profits, not justifying the cost of installation. While our efforts as a fintech have always been to spread far and wide and to give a big push to digital India, another key challenge we have faced is installing our PoS terminals in the remotest of locations in India. But with the growing infrastructure, government’s effort & expansion of the telecom players into the remotest places of the country, we are confident that we will reach them and democratise payments. It is our vision to evolve and be able to meet the growing needs of smaller merchants, and aim to be the frontrunner of technology as the future of payments and retail become inevitably entwined.
You have made a slew of senior appointments recently, why now?
Mswipe is India’s largest merchant acquirer & leading payment solutions provider that is constantly growing. The leadership announcement is a strategic step to build our company's transformational journey. We aim to enable the digitization of merchants across India in this dynamic digital payment space and ensure we can support their fast-changing needs. The objective is to create a more agile team that is focused on strategic initiatives, a customer-centric approach, innovation, and growth. Also, with the introduction of Nayantara Bhargava and Harita Desai Jani to the leadership team, we are moving towards the commitment to achieving gender equality in our workforce. The objective is to add diverse mindsets coming together to achieve the ultimate goal.
Which other verticals are you planning to expand into?
Mswipe will continue to focus on the growth and evolution in the payment space by introducing many more innovative products to build a robust technology landscape that caters to all the payment needs of the merchants. Under the brand Mcapital, Mswipe’s lending arm we will also provide lending solutions like a loan on POS receivables & business loans to our merchants. Through the PoS machines, a merchant’s transaction data is analysed, and based on that, we offer hassle-free loans without the need of any bureaucracy or collateral. We also provide a myriad of value-added services like Pay By Link and ATM Express, to ease transactions for both merchants and their customers. Additionally, through our ‘Mera Online Store’ app, merchants can transition from offline to online business in minutes, and expand their customer base.
