MobiKwik has received in-principle approval from the Reserve Bank of India for its Payment Aggregator-Physical (PA-P) licence, strengthening the company’s presence in the offline merchant payments segment.
The approval allows the fintech company to further expand its offline payment infrastructure across India as it looks to scale its merchant business significantly over the coming years.
MobiKwik currently supports millions of merchants through products such as UPI QR, Soundbox, and EDC machines. The company said it will focus on expanding across small businesses, organised retail, and fuel outlets over the next 18 to 24 months.
The company is also planning to accelerate deployment of Soundbox and EDC devices as part of its strategy to achieve 10x growth in its merchant business by FY28.
According to the company, offline merchant payments continue to present a major growth opportunity in India, especially across under-served markets beyond metro cities. The segment is also expected to create stronger monetisation opportunities through merchant engagement, device rentals, and transaction-led financial services.
Commenting on the development, Bipin Preet Singh, Co-founder, Managing Director and Chief Executive Officer of MobiKwik, said, “Offline merchant payments are emerging as one of the strongest growth drivers within India’s digital economy, particularly across under-penetrated markets beyond urban India. This PA-P approval strengthens our ability to scale merchant payments infrastructure across the country and sets us up for 10x growth in merchant business by FY28.”
He added, “We are grateful to the RBI for the approval and reposing its faith in us. We remain focused on building secure, scalable and technology-led solutions that help merchants participate more effectively in India’s growing digital economy.”
The approval further strengthens MobiKwik’s ability to build secure and compliant payment infrastructure in partnership with banks. The company also highlighted that its subsidiary Zaakpay had earlier received the online payment aggregator licence, helping strengthen its omnichannel payment capabilities.
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