Mswipe will merge PayU's existing offline POS business into its existing operations. PayU had gotten into the POS business less than a year ago (in July 2016), so this is a pretty quick admission of this-is-not-what-we-want-to-do. In a statement, B Amrish Rau, CEO at PayU India, acknowledges that the focus will be on online only, saying "We are laser focused on the online space and continue to increase our market share through new fintech products and innovation. Apart from the acquisition, Mswipe merchants will be able to offer Internet payment services offered by PayU India, and PayU will push Mswipe to its merchants for POS services related requirements. Note that PayU's online-only focus may be a function of a management change, after it acquired CitrusPay in September 2016. With this acquisition, Mswipe will have 220,000 machines across over 550 cities, according to the company, and a combined team strength of over 2,000 employees. Mswipe says that around 80% of its customer base is SME merchants, supported by 2-3 employees, with a turnover of Rs 1-5 Lakh per month. Demonetization appears to have helped the company, which says that transaction volume on the Mswipe network has "grown 4 times while number of installations has grown 3 times." All in all, Mswipe has raised a total of $32 million from investors like Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Axis Bank. It's upcoming battles are likely to be will be on three fronts. Developments in the POS space - Merchants…
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