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Mswipe Acquires PayU India's Offline Business To Expand Digital Payments
Ambika Chopra
Inc42 Staff
16 May'17 3 min read
PoS (Point of Sale) solutions provider Mswipe has entered into a strategic partnership with online payment service provider PayU India. According to the deal terms, Mswipe has taken over the offline merchant acquiring business of PayU India.
Mswipe will merge PayU's existing offline PoS division team into its existing operations and workforce expanding its network to 220K terminals across 550+ cities. On the other hand, merchants associated with Mswipe will now be able to avail Internet payments services offered by PayU India.
As per an official statement, PayU's offline merchant acquisition team had acquired over 9,000 offline merchants in the country. All of PayU's offline merchants along with its PoS business will also get transferred to Mswipe.
Commenting on the partnership, Manish Patel, founder and CEO, Mswipe 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."
Launched in 2011 by Manish Patel, Mswipe is a PoS service provider for a large merchant base. It also allows merchants to undertake plastic card payments through smartphones or ordinary feature phones. Headquartered in Mumbai, the company claims to have a team of 2000.
Related Article: MPOS Startup Mswipe Raises $31 Mn From UC-RNT Fund Of Ratan Tata, Others
In July 2015, the startup secured $25 Mn (about INR160 Cr) in its Series C round of funding from New York-based hedge fund Falcon Edge Capital, investment firm Meru Capital and ride hailing app, Ola, and existing investors. Prior to that, it had raised undisclosed amount of funding led by Matrix Partners, Axis Bank, and DSG Consumer Partners.
Amrish Rau, CEO, PayU India said, "We are laser focussed on the online space and continue to increase our market share through new fintech products and innovation. This partnership allows us to focus on our core of enabling digital payments across more brands and merchants across the country."
PayU India is the flagship company of Naspers Group. It was established in 2011 and has over 250 payment methods and PCI (Payment Card Industry)-certified platforms. It claims to have more than 1,800 payment specialists based in local markets supporting PayU's 200,000+ merchants and consumers making online payments.
In September 2016, it acquired rival online payment gateway CitrusPay for $130 Mn, making it by far the biggest M&A cash deal in Indian fintech. Earlier this month, Kreditech secured $119 Mn (Euro 110 Mn) from PayU.
Over the past few years, the payments landscape in India has shown some major shifts with digital payments witnessing an exponential growth. The digital payments industry in India is projected to reach $500 Bn by 2020, as a per a recent report by Google and Boston Consulting Group.
In May 2016, Gurgaon-based mobile wallet company, MobiKwik raised an undisclosed amount of funding led by Japan's GMO Payment Gateway and MediaTek. In August 2016, South Africa-based Net1 UEPS Technologies Inc. invested $40 Mn for a subscription agreement with MobiKwik in order to mark its foray in India. UAE-based payments solutions provider OMA Emirates has acquired fintech startup MobiSwipe Technologies Pvt. Ltd for an undisclosed amount.
Other players in the segment include Ezetap, Mosambee, Paynear among others.
Acquisitions Business Digital Payments Ecommerce Founders Investment Mswipe Partnership PayU India Startups
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.
An ace feminist and humanitarian, Ambika identifies herself as a reader, writer and a dreamer. Also a literature buff and development enthusiast. At Inc42 she aims to explore the startup ecosystem with ideas that juxtapose digital culture with social responsibility.
https://inc42.com/buzz/paytm-nikhil-vora-alibaba/
https://inc42.com/buzz/flipkart-awaits-nod-for-merger/


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The Things We Do, Old and New: An Interactive Showcase
This showcase features artworks by children and seniors who participated in the museum's inter-generational programme, which focused on the different trades and occupations in Singapore's early days. Before creating the artworks, participants took a virtual tour of the museum's Singapore History Gallery and Modern Colony gallery, where they viewed a selection of artefacts related to five jobs: traders & merchants, rickshaw pullers, policemen, amahs and craftsmen.
View a showcase of artworks created by children and seniors, focusing on their interpretations of occupations of the past and present as well as possible occupations for the future. Read on for the inspiration behind selected artworks by the children and seniors!
Visit the physical showcase at Glass Atrium, Level 2 from 28 May – 26 Jun to view the artworks displayed across 8 cube structures. Click on the links to view the inspiration behind all 30 artworks!
Structure 1
For optimal viewing on computers/laptops, we recommend selecting View > Page Display > Two Page View in the PDF.
This programme is held in conjunction with Children's Season 2022: Get Curious! Our Early Settlers. Click below to join us for a fun-filled June Holidays!
Children's Season 2022 Programmes
Last Updated on 07 Jul 2022

redpajama_set_name: RedPajamaCommonCrawl


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Alliance Leader slams Minister for sleepwalking into crisis on Muckamore
Alliance Leader David Ford has hit out at the Minister's response to the Muckamore crisis in today's Assembly debate. He also said that the Minister's silence on the Bamford recommendations is a damning indictment of his credentials on mental health issues.
David Ford said: "The Muckamore crisis illustrates the widespread underfunding of mental health services in Northern Ireland. Much of the pious talk of community care unfortunately leaves parents at breaking point because of the lack of support provided by the government.
"The mental health sector is unfortunately a Cinderella services. It is always at the bottom of the pile when funding is being handed out. By not addressing this problem, the Minister has been sleepwalking into the Muckamore crisis and future mental health crises.
"The four sectarian parties in the last Executive never addressed this problem either, and they also have serious questions to answer.
"Someone needs to convene a full inquiry on Muckamore. The Minister merely talking to a few civil servants about it is simply not good enough.
"The human rights of people were interfered with at Muckamore. They unfortunately do not have a voice themselves so we must fight their corner and get the best for them.
"The deafening silence of the Minister on the recommendations of the Bamford Review is a damning indictment on his commitment to providing top quality services for people who really need them."


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Vehicle production down in February
New car production figures took an 11.8% dive in February to 115,651 units.
Year-to-date production figures for new cars also showed a 4.2% dip, according to the latest figures from the SMMT.
Christopher Macgowan, SMMT chief executive, said: "With car production ceased at Peugeot and a model changeover at Toyota's facility, it comes as no surprise that we have seen a fall in volume during February.
"Exports continue to form the majority of vehicles produced and all indications are that the full year forecast is still on course to achieve greater output than last year."
Vehicle production – February 2007


I was out of sight during a game of hide-and-seek, and Cubby couldn't find me. Just a few months ago, this entire scenario would have been impossible. Before we started Early Intervention, I couldn't leave Cubby. Ever. I couldn't go into another room. He could only sleep next to me. I couldn't use the bathroom alone or take a shower. His occupational therapist began introducing games of hide-and-seek for the three of us at the local playground, and slowly, slowly, he got better. He learned to trust her, and eventually learned to trust that I would come back.
There isn't a day that goes by when I don't marvel at this boy's language skills. His ease at expressing himself and his emotions, so strikingly different from his older sister. I let myself exhale a little. It won't be so hard for this one. He can communicate, he can tell someone else what is wrong. He doesn't rely on me to decode every situation, every adverse sensory reaction.
But there were some goals we didn't achieve before we moved. He still struggles with waiting and turn-taking. He is still an anxious little boy whose attention span is very short. Most of all, though, he is still a child that can't always play well with others. He gets too overwhelmed. He prefers to sit on the sidelines, observing. For all the great strides he has made, I still worry. Of course I worry- I'm his mother, and he will always be my baby.
As his mother I can do so much for him. I can give him a sensory diet, to lessen his need to spin himself in circles. I can distract him when he repeats things over and over- echoing his sister's echolalia. I can explain things, prepare him, help him understand this at times confusing world. But I can only do so much. What I can't do is be a typically developing peer and playmate.
So today he starts preschool. He is excited. He is ready, but I'm not. I'm afraid that this sensitive little soul will become overwhelmed and will withdraw just as Pudding did when she started school. Recently we've spent a lot of time together, just the two of us. Over a cup or two of rooibos tea, we've talked about school, and how Mummy can't stay, and the teacher and new friends will be there to play, until I collect him before lunch. Every day he asks to go to school. He is ready. I can't hide from it, not when he is seeking something more.
Spectrummy Mummy blogs most days about the adventures of nearlytypical Cubby and his big sister Pudding. You can also find me on Facebook, Twitter, and in real life in Johannesburg.
He is doing unbelievably great!! Can't wait to hear of all his new adventures at school!!
Awww! I can't wait to hear about how he did! I hope he loves it! You're doing a great job mom!
That's awesome. When I was first starting my daughter on early intervention I was a little naive about the process. She had goals. The time frame was three months. . . what?? You mean in three months my daughter will be doing this?? No. In three months we'll look at all your goals again and establish the NEXT deadline.
It can be a long road, but it sounds like Cubby is doing GREAT! Celebrate all the little hurdles!


Your superannuation fund is made up of taxable and non-taxable components. Contributions made to your fund on which you have already paid tax will make up the tax-free elements. These after-tax contributions are referred to as non-concessional, meaning that tax cannot be paid on these funds when withdrawn.
When withdrawing lump sums from superannuation, it must be done in accordance with the proportioning rules, which means that proportionate amounts will be drawn from taxable and tax-free elements of your super.
Therefore, a re-contribution strategy can be used to reduce the taxable component of your superannuation.
In basic terms, a re-contribution to your super is when you withdraw your super as a lump sum for the purposes of paying the necessary tax on that sum. Once tax is paid on that amount, it becomes non-taxable and can therefore be re-contributed to your superannuation as a non-concessional (non-taxable) contribution – i.e. a contribution which cannot be paid when withdrawn.
The conditions of using a re-contribution strategy are that you can only implement it if you meet the conditions of release that allows you to access your superannuation for withdrawals – e.g. do you meet the right age criteria and/or income requirements?. The other condition is that you must also be eligible to place contributions into your superannuation too – or you cannot complete the re-contribution.
There are some very clear benefits to implementing the re-contribution strategy. These benefits include reducing the taxable portion of your superannuation and therefore planning ahead for when you use it as income in retirement, or when your beneficiaries use it in the event of your death.
By re-contributing your superannuation and reducing the taxable component you can ensure that your beneficiaries pay less or no tax, even if they are not eligible for tax-free payments (e.g. if they are an adult dependant).
What are some examples of where the strategy might be used?
The re-contribution strategies are most commonly used by people who are just prior to their retirement ages – around 55-65. This age-group benefits from these strategies because they are eligible to make withdrawals from the superannuation (tax-free regardless of tax components if they're over 60) but may not need access to the funds at that time so can happily pay the tax due and re-contribute the sum in order to benefit from the strategy at a later time in their life (or for their beneficiaries to benefit for it instead).
One reason people may choose to use the re-contribution strategy is to improve their estate planning. They may wish to ensure that taxes on contributions are already paid so that their beneficiaries do not have to worry about paying tax when they receive payments in the event of the super member's death. Spouses and dependants under 18 will not have to pay tax on their payment, but adult dependants do on the taxable components of the super.
The more non-concessional contributions made to a super fund, the smaller the taxable component will be on withdrawal.
An alternative method to reduce or improve the tax payable by adult dependant beneficiaries in the past has been the Anti Detriment Payment – but this has now been phased out. The Anti-Detriment Payment delivered a refund (from the SMSF) of all tax paid on contributions made by the deceased member over the life of the benefit. This method of payment was only available with a lump sum payment to a dependant but it was available for all dependants including adult children. The conditions of the payment were that the SMSF must have fund members still in accumulation phase and with enough reserves to pay the refund of tax.
Both this and re-contribution strategies have the same purpose – to reduce the tax payable in time of benefits being received from the super.
What are the disadvantages of a re-contribution strategy?
There are some possible disadvantages to using a re-contribution strategy that a member should bear in mind before implementing.
Your assessable and taxable income may increase for a particular financial year due to the increase in funds you get in receiving the withdrawal.
Transaction costs such as buy/sell spreads may apply in the transfer of funds.
If you are considering a re-contribution strategy, it is recommended that you speak to your financial adviser.
Disclaimer: This information should not be considered personal financial advice as it is intended to provide general advice only. This factsheet has been prepared by Superhelp Australia Pty Ltd without taking into account your personal objectives, financial situations or needs.
The information contained in the fact sheet may not be appropriate to your individual needs, therefore, you should seek personal financial advice before making any financial or investment decisions.
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The best part of this, to me, is the blogging aspect. If more people would blog I think there would be less frustration and more action. The writing process actually allows you to think something through. It also makes you accountable for what you say and pushing you to be part of the solution. I am trying to get more people blogging here in Lexington. Best wishes family!
Thanks for the well wishes Sis! I agree strongly with your assertion that blogging allows you to think something through and makes you accountable. I believe that you can be an online activist when it calls for it.