Mastercard, Mswipe tie-up to strengthen digital payment acceptance in India

Mswipe, a domestic maker of Point of Sale (PoS) terminals, has partnered MasterCard to digitise merchant acquisition and can now enable a shopkeeper anywhere in India to acquire a card swipe machine. At present, merchants need to sign physical agreements and, in some cases, open new current accounts to become part of a credit card network. Mswipe will enable a merchant to complete the ‘know-your-customer’ (KYC) requirement using a mobile application that will scan documents and use complex software to compare these with government databases, including the income tax department’s Permanent Account Number (PAN) database and the Shops and Establishments database.