On Monday, Mswipe Technologies, a merchant-led digital payments provider, announced that it had been granted a payment aggregator (PA) license by the Reserve Bank of India. The central bank had given the company an in-principle approval to operate as a payment aggregator back in August 2022.
As per the information on the RBI's website, until the previous Friday, 16 entities had received payment aggregator licenses. Among them are merchant payment solutions providers Juspay and Razorpay, fintech Stripe, search giant Google, neo-bank Open, software major Zoho, and food delivery company Zomato.
Ketan Patel, co-founder and CEO of Mswipe Technologies, said, "With a continued commitment to our business partners and the merchant community at large, we stay true to our promise of providing innovative omnichannel digital payments with cutting-edge technology.”
After receiving the RBI's in-principle nod for the license, Mswipe wanted to pilot its payment gateway stack with its existing merchant base. It was looking to become a full-stack payments player, diversifying from offering offline merchant acceptance devices. Through its payment aggregator offerings, it aimed to target the mid-tier segment, including businesses with a turnover of Rs 100-200 crore.
Mswipe, headquartered in Mumbai and founded in 2011, offers payment solutions such as point-of-sale devices, unified payments interface (UPI), quick response codes, and payment links to help offline merchants receive payments digitally. It also provides offline merchants with loans and store and inventory management solutions.
Fintechs PhonePe, Pine Labs, and Billdesk are among the other entities that have received in-principle authorization from the central bank and are awaiting its final nod to operate as payment aggregators.
