PhonePe and Payswiff partner to enable a seamless Payment Experience for Merchants1 year ago Bhavitaavya Dharanikota
Payswiff, a leading payment solution provider announced that it has partnered with PhonePe, India’s fastest growing payments platform. As part of the association, PhonePe will be made available as a payment option on Payswiff’s POS/mPOS terminals across their entire merchant base. Payswiff merchants will be able to conveniently accept payments from consumers through multiple instruments including UPI, Credit Cards, Debit Cards, PhonePe wallet as well as external wallets. With over 1.5 lakh devices deployed with merchants in the Enterprise and SMB space, Payswiff has significant reach in the country with presence across over 1320 locations. Working with PhonePe will allow Payswiff merchants to offer a seamless payment experience to their consumers. PhonePe is currently accepted at over 3 million offline retail outlets and kirana stores as well as at over 100 top online merchants in India and also has a merchant app to facilitate end-to-end control for merchants on the payment process, including transaction confirmation and reconciliation.
The PhonePe-Payswiff deal is quite similar to the agreement signed by PhonePe with Naspers-backed payment technology company PayU in September 2018 with an aim to expand its online merchant base. Earlier, PhonePe has also signed strategic partnerships with FreeCharge, Cashfree, Walmart, Snapdeal, Mumbai Metro and more. Recently, parent company Flipkart also gave an in-principal approval to PhonePe to set up as an entity. In order to strengthen its footprint in the market, the company also launched its own wealth management unit, PhonePe Wealth Services with an initial authorized capital of $7.12 Mn (INR 50 Cr) and paid up capital of $2.85 Mn (INR 20 Cr).
Founded in 2013 by Prabhu Ram, Priti Shah, Ravi Kiran, Anil Bharadwaj, Krishna Kishore, and Maulik Shah, Payswiff (formerly Paynear Solutions) is an omnichannel payment processing and tax-compliance solutions provider. With over 1.5 Lakh devices deployed with merchants in the enterprise and SMB (Small and Medium Business) space, Payswiff has significant reach in the country with presence across over 1,320 locations. It has also launched Payswiff SET which helps the merchants to start collecting paperless payments within 15 minutes and Android POS which allows merchants to accept payments, generate bills, invoices, track sales along with transactions on a daily, weekly and monthly manner. In November 2017, PhonePe launched its Bluetooth enabled PoS device and has been bullish on its offline expansion since then. It also has a merchant app to facilitate end-to-end control for merchants on the payment process, including transaction confirmation and reconciliation. Also, in line with Payswiff’s tax compliance solutions, PhonePe also launched its tax saving solution on its app in March 2019.
In FY19-20, Payswiff plans to process 12K Cr. of volumes and deploy 1.5 lakh devices. The company is also scheduling the release of new features such as Same day, instant settlements that address’ the working capital needs of the merchants and multilingual app in four languages by the end of April this year. With integrated PhonePe payment option on its devices, it aims to give the merchants an option to collect digital payments from the same POS device. The company competes with players like Ezetap, Mswipe, Pine Labs, Innoviti, Mosambee, among others. However, the POS market is yet to be saturated and there is the scope of growth for each player.