Swift transaction, 95% coverage of debit & credit cards enables merchants offer customers with zero interest EMI
Mumbai, November 19, 2020: With the revival in consumer demand and the global trend of ‘Buy Now Pay Later’, Mswipe has launched Brand EMI as a value added service which enables merchants to offer zero interest EMI financing from Brands in less than 15 seconds. This drastically improves the checkout process, and reduces cart abandonment due to lack of suitable financing options, thereby helping small businesses drive sales.
With 95 per cent coverage of all debit and credit cards offered by different banks, Mswipe Brand EMI offers greater choice and flexibility to customers, who often delay purchase decision due to lack of preferred EMI options at the time of checkout.
The brand EMI options are extremely popular across Mobiles, Consumer Durables, Education, Health, Furniture, Wellness and Luxury segments. With brands trying to woo customers with ‘Buy Now Pay Later’ options that have zero interest EMI, small businesses are keen on integrating checkout financing that is quick and makes purchase decision of their customers easy.
Manish Patel, Founder and CEO, Mswipe said, “Consumer demand across different product and service categories is high, but when it comes to purchase somewhere a latency sets in and a high dropout rate is observed during the checkout stage. This is obviously due to constraints on income due to the pandemic. While the Buy Now Pay Later phenomena, in pre pandemic days, was more of ‘option’ to lure customers, today, it is proving to be an aid in helping people buy without feeling a financial pinch in their bank account. For small businesses the need to offer this sort of an accessible and affordable checkout finance is extremely critical. For Mswipe brand EMI is the outcome of sensing the pulse of the SME and the support they need to drives sales.”
Among the other benefits of Mswipe’s offering includes a merchant friendly user interface that helps integrate different offers from brands in less than 4 taps and reduced navigation of the merchant’s terminal to 3 screens. Current solutions in the market have a higher transaction time of more than 60 seconds, over 50+ taps for brand integration and more than 10 screens to navigate to offer brand EMI.
Mswipe is the only player which has a complete range of digital payment solutions for SMEs in India including UPI QR, NFC based Tap and Pay, POS and Payment Link. The largest POS acquirer in India with 6.75 lakh POS and 1.1 million QR merchants, Mswipe is also the fastest growing issuer with its prepaid Moneyback Card.