Mswipe gets RBI's nod to facilitate digital payments
What's the story
Mswipe Technologies, a Mumbai-based fintech firm, has received the final Payment Aggregator (PA) license from the Reserve Bank of India (RBI). The approval comes after a long wait since their initial nod in August 2022. With this license, Mswipe can now officially enable businesses to accept and manage payments across online and offline channels under a unified regulatory framework.
Evolution
Mswipe's journey from POS machines to comprehensive payment solutions
Founded in 2011, Mswipe started as a provider of point-of-sale (POS) machines. Over the years, it has transformed into a complete payments platform. The company now caters to hundreds of thousands of merchants across India with smart POS devices, QR soundboxes, and payment gateways.
Impact
Mswipe's PA license: A boon for India's digital economy
The PA license from RBI places Mswipe among a select few fintech firms with full regulatory clearance to operate as payment aggregators. This move is expected to simplify digital payments for small businesses across India, including those in tier-2 and tier-3 cities. Ketan Patel, co-founder and CEO of Mswipe Technologies, said the license marks a key milestone in the company's evolution toward creating a secure and compliant digital payments ecosystem.
Growth
Mswipe's financial performance and future prospects
In FY24, Mswipe's payments business reported adjusted profitability with revenue exceeding ₹275 crore. The company said its total payment volume more than doubled year-on-year during the period, indicating increased adoption of its omni-channel solutions. With strict RBI certifications and backing from investors like Ola and B Capital, Mswipe is poised to further strengthen its position in India's digital economy.