Mswipe acquires offline merchant acquiring business of PayU India
Indian POS solution provider Mswipe has acquired the offline merchant acquiring business of PayU India, an online payments service provider.
PayU, which is owned by South Africa’s Naspers Group, process online transactions worth INR60bn ($936m) every month. It has customers base of over 9,000 offline merchants.
Under the partnership, PayU’s offline POS business will merge into Mswipe existing operations and its offline merchants along with POS business will also be transferred to Mswipe.
The transaction will allow the customers of both entities to access online and offline payments.
Mswipe founder and CEO Manish Patel said: “PoS terminals are the preferred medium of payments by customers to transact digitally at merchant locations. The partnership with PayU is mutually beneficial to both companies as it helps each consolidate its leadership positions in their areas of focus.”
PayU India CEO Amrish Rau said: “We want to remain focused on driving disruptive payments product in the online payments space and decided to work with a partner for the offline side. This partnership allows us to work closely with Mswipe, which has been making a great stride in the offline space.”