The Reserve Bank of India (RBI) has granted the payment aggregator (PA) licence to digital payments platform Mswipe Technologies, which joins the likes of Zomato, Decentro, Zoho, Juspay and Razorpayto get the regulator’s nod to offer the service.
The licence comes almost two years after the company received an in-principle nod in the middle of 2022.
“The payment aggregator licence solidifies the company’s objective to enhance its suite of offerings while delivering secure, efficient, and user-friendly payment technology to banking partners, enterprises, and merchants across categories,” the company said in a statement on February 19.
A payment aggregator, or PA, licence allows companies to offer payment services to merchants (online businesses or e-commerce firms) by accepting payment instruments from customers. PAs pool the funds received from customers and transfer them to merchants after a certain time period.
Mswipe, which started out in the offline payments space with point of sale (PoS) devices, has been looking to penetrate into the online category with its own gateway, particularly targeting MSMEs.
