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Payswiff, an omni-channel payment processing and tax-compliance solutions provider, is aiming to double the number of devices by the end of the financial year.
“In the financial year ended March 2018, we touched 10 crore transactions, up from two crore transactions in the previous year. The number of devices had gone up from 30,000 to 1 lakh. We are confident of doubling it this year,” R Prabhu, Managing Director & Group CEO, Payswiff, told BusinessLine .
Revenue
Its revenue increased to ₹100 crore in the last fiscal from ₹35 crore in the previous year.
The Hyderabad-based fintech firm has a wide range of devices to cater to the various needs of merchants, including small and medium business, especially in Tier II, III locations.
“We have the most-advanced Android devices with features such as camera and itemised bills, which can bring all offline merchants online with mobile phone-based applications,” said Prabhu. The cost of the devices, which are being imported, ranges from $50-350. They can also be customised as per the needs of the businesses.
The devices have also been equipped to collect details such as periodicity of customer demands and pattern of preferences for business data analytics. They also have language options.
Payswiff is now present in 12 locations across the world, including West Asia and Africa, and it hopes to harness the full potential in these geographies before looking at new markets. “Till 2020, India has enough digital space to be tapped. After which we may look at Asia-Pacific markets. These are attractive markets as they are just commencing digital adaptations,” said Prabhu. It has also got a GST Suvidha licence and went live and also launched the E-way bill.
The company, formerly known as Paynear, is also evaluating inorganic growth options. “We are open to acquiring firms that give us more market reach and value-addition,” he said. It has invested $7.5 million so far and turned profitable two years ago. Paynear had acquired Singapore-based GoSwiff in 2017.
Trends
On the digitisation of financial transactions, Prabhu said there has been constant growth in digital transactions since last April. “Demonetisation has definitely helped in pushing up the use of debit cards to 80 per cent while credit cards account for the remaining,” he said.
The activation of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, which mandates the use of RuPay ATM debit cards to avail benefits of the scheme, was a positive trend for digital transactions. “We see a convergence of offline and online transactions of late,” said Prabhu.
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