Cyber Monday Sale! 50% Off All Access

Here's How These Entrepreneurs Swiped Away the Payment Problems in India Mswipe, the mobile point-of-sale solutions company, has led the way for entrepreneurled businesses in disrupting the merchant side of the payment ecosystem.

By Sandeep Soni

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur

MANISH PATEL (51), FOUNDER AND CHIEF EXECUTIVE OFFICER, MSWIPE TECHNOLOGIES

Mswipe, the mobile point-of-sale solutions company, has led the way for entrepreneur led businesses in disrupting the merchant side of the payment ecosystem. Founded by Manish Patel in 2012, it is also among the few Indian technology companies backed by Facebook co-founder Eduardo Saverin's B Capital. The problem for small merchants in India has been of their inability to accept card-based electronic payments even as banks being the natural custodians in the payment business had failed to innovate to solve that problem. "I don't blame banks as they aren't technology companies. So they could never address this problem. Whether it was wireless terminals and terminals customized for India, the space was open for disruption and we did that," says Patel. While the new payment technologies have given options for users and merchants to choose from in payment acceptance such as UPI, Aadhaar, wallet etc., the problem of ensuring frictionless payments will take a long time in smoothening out. So the bottom line remains how a company enables frictionless transfer of money from one individual to another or one individual to a business or vice versa. That's the reason why Patel sees the new age solutions to be any different than cards. "Card is the most frictionless payment method and I don't think the new mobile-based payment channels are less frictionless than cards. They are just an additional learning curve for users.

THE PAY OFF

LAUNCH: August 2012 in Mumbai

MERCHANTS: 3 lakh; 15k new merchants monthly

TRANSACTION: Rs 1,000 crore worth transactions processed

HEADCOUNT: 3,000

Sandeep Soni

Former Features Editor

Social Media

How To Start a Youtube Channel: Step-by-Step Guide

YouTube can be a valuable way to grow your audience. If you're ready to create content, read more about starting a business YouTube Channel.

Business News

'Something Previously Impossible': New AI Makes 3D Worlds Out of a Single Image

The new technology allows viewers to explore two-dimensional images in 3D.

Business News

'This Company Has Been My Life': Intel CEO Retires, Reportedly Forced Out

Intel CEO Pat Gelsinger has led the company since February 2021 and said his departure is "bittersweet."

Technology

Yotta Infrastructure Is On an Expansion Spree: Darshan Hiranandani

We are planning to set up new data centers in Pune, Powai, Chennai, and Dhaka, along with a partnership in Nepal to build the 'K1' supercloud data center near Kathmandu, says Darshan Hiranandani, chairman & co-founder, Yotta

Business News

'I Stand By My Decisions': A CEO Is Going Viral For Firing Almost All of the Company's Employees — Here's Why

The Musicians Club CEO Baldvin Oddsson fired 99 workers at once over Slack for missing a morning meeting. But there's a catch.

Franchise

Subway's CEO Steps Down Amid a Major Transition for the Sandwich Giant

John Chidsey will step down at the end of 2024, marking the close of a transformative five-year tenure.