Mumbai-based point-of-sale (POS) merchants platform operator Mswipe Technologies Pvt Ltd announced the launch of Money Store, an app store for POS devices, which Mswipe claims is the first of its kind in India.
The Money Store will provide merchants access to a range of productivity-driven apps from developers like GoFrugal, Logic ERP, ePaisa, Logsoft, Adequare, Retailware, Clinicia and nGO. The store already has over 100 apps live, and is booted with Mswipe’s Android OS-based terminals.
The payments facilitator plans to double the number of apps available on its store to 200 by the end of this financial year.
The productivity apps on Mswipe’s app store will allow merchants the option of doing away with the cost and space required to operate a computer-based billing and inventory solution. Participating stores will now be able to operate POS terminals that offer billing, inventory management and customer management capabilities.
Developers who have published their apps on the Money Store get access to Mswipe’s merchant base. The platform, Mswipe said in a statement, offers developers and merchants access to small and medium enterprises in over a thousand cities and towns across India.
The initiative will be led by Jayprakash Kahar who is the head of channel sales and Money Store at Mswipe.
“We are excited to be the first to launch an app store for POS devices in India,” Manish Patel, founder and CEO, Mswipe, said. “Automation can be a game changer for SME merchants.”
“The Money Store with its best-in-class productivity apps will substantially enhance the value of our products for our customers enabling them to increasingly use their POS terminals for activities like sales, inventory management and purchase of goods besides accepting all types of payments,” he added.
The firm, founded in 2011 by Patel, raised $31.47 million (about Rs. 219 crore) in a funding round led by Epiq Capital and B Capital. Existing investors DSG Consumer Partners and Falcon Edge India also participated in the round.
DSG Consumer Partners and Falcon Edge India had previously invested in the POS payments solutions provider in 2015 in tandem with Meru Capital, Matrix Partners India and Axis Bank.