Mswipe Technologies, a digital payments company located in Mumbai, has been granted the final Payment Aggregator (PA) licence by the Reserve Bank of India. This significant endorsement allows the company to operate seamlessly across both online and physical payment platforms. With this licence, Mswipe is empowered to onboard merchants and handle payments for in-store, online, as well as hybrid environments under a unified regulatory framework.
Highlights
Expansion of Payment Services
The Payment Aggregator licence also enables Mswipe to manage both incoming and outgoing cross-border payment transactions, broadening its operations beyond just domestic acceptance. Currently, the firm provides various services, including MPOS and smart PoS terminals, QR soundboxes, payment gateways, and integrated digital payment solutions to merchants across diverse sectors.
Growing Industry Compliance
In recent times, the Reserve Bank of India has authorised similar aggregation for approximately six other companies, including Paytm, Razorpay, Easebuzz, PayU, Pine Labs, and Airpay. These authorisations permit these firms to deliver a comprehensive array of payment aggregator services covering e-commerce transactions, in-store merchant payments, and cross-border payment flows.
Benefits for MSMEs and Enterprises
Mswipe indicates that this licence will significantly enhance its ability to expand its omni-channel payment offerings and introduce new services tailored for MSMEs and larger enterprises operating across both physical and digital domains.
Financial Growth and Market Presence
In the fiscal year 2024, Mswipe’s payments division reported adjusted profitability, with its revenue exceeding Rs 275 crore. The total payment volume for the company more than doubled year-on-year, a growth largely attributed to the rising acceptance of its combined offline and online payment solutions.
Founded in 2011, Mswipe serves merchants in over 600 cities throughout India. The company enjoys support from investors such as Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.