Bengaluru: Point of Sale (PoS) device seller Mswipe today announced the launch of Money Store, an Android-based app store for smart POS devices, which will allow independent developers and businesses to create their own mobile apps for retail merchants in the country.
The startup has partnered with multiple developers and payment-focused companies including GoFrugal, Logic ERP, ePaisa, Logosoft, Adequare, Retailware, Intution, Clinicia and nGO for the launch. It currently has a suite of over 100 Android apps from these developers.
Mswipe’s chief executive and founder Manish Patel told Mint that Money Store apps will only be available to existing and incoming Mswipe customers who own smart POS devices. The startup first introduced ‘Wisepos’, a smart POS device with Android-support almost 18 months ago.
The smart POS initiative along with Money Store will be headed by Jayprakash Kahar, who is the Head of Channel Sales and Money Store at Mswipe.
The startup originally launched in 2012 with a mobile POS (mPOS) system along with an integrated card reader and Bluetooth, which is used to complete payments using smartphone Internet connectivity. Mswipe plans to deploy over 200 apps on Money Store by the end of this financial year. It also claims to have on-boarded over 500,000 merchants on its platform using its POS devices.
“Our mobile POS device had to be paired with a smartphone to process a transaction…the User Interface (mobile app) had to be opened on a smartphone app. The hardware (mPOS) just acted as a card reader and a source to input PIN.
We are now simply merging the smartphone UI and card reader into a single form factor (smart POS) along with integrated payment options NFC, MST, and QR codes where merchants can run apps directly on the terminals,” added Patel in an interview.
He said that after Mswipe came out with the smart POS device in 2018, the device was limited to just propriety apps developed by the company itself. However, as usage grew among smart POS machines, merchants wanted to utilize the touch-screen enabled POS device for other use cases as well, apart from payments.
Patel said that the smart POS device can also be used to perform day-to-day business functions like billing & account maintenance, employee management, product cataloging, supply chain support and for other business functions that are largely being performed using register notebooks and physical files.
With its new support for their-party apps, Mswipe is targeting merchants across retail segments such as restaurants & cafes, supermarkets, garment wholesalers and other small to medium sized offline retailers.
Mswipe’s mobile and smart POS devices comprising of mobile apps, payment gateway, automated payment settlement have been developed in-house by the company’s engineering team.
Till date, Mswipe has raised over $80 million in capital from marquee investors like B Capital, UC-RNT, Falcon Edge Capital, Epiq Capital, Matrix Capital Partners and DSG Partners. It last raised a $30 million Series E round in April.