MobiKwik has received the Reserve Bank of India’s (RBI) in-principle approval to operate as a payment aggregator-physical (PA-P) licence, enabling it to expand its offline merchant business, according to inc42.com. This approval allows MobiKwik to build a compliant and scalable payment acceptance infrastructure for offline commerce.
The company announced that this PA-P licence will help it scale merchant payments infrastructure across India, particularly in under-penetrated markets beyond urban areas. MobiKwik’s cofounder and CEO Bipin Preet Singh said the licence sets the company up for a tenfold growth in its merchant business by fiscal year 2028. This approval follows the company’s recent receipt of an NBFC licence from the RBI, which permits it to enter the credit segment. Additionally, MobiKwik’s subsidiary Zaakpay has RBI approval to operate as an online payment aggregator, expanding its payment aggregation services.
This development is significant as offline merchant payments are becoming a major growth driver in India’s digital economy. The PA-P licence strengthens MobiKwik’s position in the competitive payments sector, where regulatory approvals are crucial for scaling operations. The company’s ability to operate both online and offline payment aggregator services positions it well to capture a larger share of the expanding digital payments market.
Looking ahead, MobiKwik plans to leverage the PA-P licence to aggressively grow its offline merchant payments business and aims for a tenfold increase in this segment by FY28. The company’s recent regulatory clearances indicate its broader strategy to diversify into credit and payment aggregation, with further milestones expected as it expands its footprint across India.