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RBI Grants Payment Aggregator License to Mswipe Technologies

Mswipe Technologies, a leading digital payments company, has been granted the payment aggregator (PA) license by the Reserve Bank of India (RBI), marking a significant development in the fintech landscape.


Following an in-principle approval received in August 2022, Mswipe has now officially obtained the PA license from the RBI. This license empowers Mswipe to offer comprehensive payment technology solutions across various channels, reinforcing its commitment to providing secure and user-friendly payment solutions to its banking partners, enterprises, and merchants.

In a statement, Mswipe emphasized that the PA license underscores the company's mission to expand its range of services while ensuring the delivery of robust and convenient payment technologies to its stakeholders.


Mswipe joins the ranks of esteemed companies such as Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open, and Enkash, all of which have recently received approval from the RBI to operate as online payment aggregation platforms.


As an omni-channel digital payments platform, Mswipe offers a wide array of offline and online payment acceptance solutions to merchants across various sectors. The Mumbai-based company boasts a notable investor lineup including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.


In terms of financial performance, Mswipe witnessed a 13.69% increase in revenue from operations, reaching Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Additionally, the company managed to significantly reduce its losses, which contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22.


Overall, the granting of the PA license to Mswipe by the RBI underscores the company's growing prominence in the digital payments ecosystem, further solidifying its position as a key player in facilitating seamless and secure transactions for businesses and consumers alike.


 

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