Payswiff, Hyderabad-based fintech startup has join hands with Mastercard with an aim to ensure a multifaceted distribution strategy to ensure last mile fintech reach in Tier 2,3 and 4 cities in India.
The partnership will cut across non-traditional distribution channels to promote low-cost digital payments acceptance solutions beyond the top eight cities in the country.
The partners believe that the alliance will hugely benefit the micro-merchants in small cities as they will be able to unlock additional revenue streams using embedded features in the app such as mobile recharges, utility bill payments, and bus ticketing etc.
“While UPI is more popular it has certain limitations when it comes to card payment. At present, it is only available on the RuPay card. The rest of the companies Visa/ Master/ Amex can easily opt for BharatQR. As part of our initiative to increase digital inclusion in the country, we are looking to offer every available option to the merchants to ease their digital onboarding process,” Anil Bharadwaj, co-founder at Payswiff said.
Also, the alliance is a part of Mastercard’s government aided Digital India initiative which targets an ambitious goal of bringing 10 Mn merchants into the fold of digital payments by 2020.
Payswiff was launched in 2013 by Prabhu Ram, Priti Shah, Ravi Kiran, Anil Bharadwaj, Krishna Kishore and Maulik Shah.
It offers an omni-channel payment solutions platform that can be operated through a single application. It enables merchants, ISOs and banks to accept payments through point-of-sale (POS) terminals, app-based or any new-age payment solutions.
The platform is multi-lingual and can be ported and deployed rapidly in the new international geographies. Payswiff SET offers paperless merchant onboarding in less than 15 minutes on all Point-of-Sale (PoS) devices, as claimed by the company.
Whereas, Mastercard Incorporated is an American multinational financial services corporation headquartered in New York, United States. It is a leading global payments & technology company that connects consumers, businesses, merchants, issuers & governments around the world.
Moreover, Rajeev Kumar, senior vice president, Market Development, South Asia, Mastercard believes that merchants and small business owners are a vital part of India’s cash-to-digital journey.