Mswipe Technologies receives RBI payment aggregator licence for online and physical channels

Mswipe Technologies said on Monday (December 22) that it has received the Reserve Bank of India’s final Payment Aggregator (PA) licence, allowing it to operate across both online and physical payment acceptance channels.

With the approval, Mswipe can onboard merchants and aggregate customer payments across digital and in-person modes under a unified regulatory framework. The licence also enables the company to facilitate inward and outward cross-border payments, strengthening its end-to-end payment capabilities.

The PA authorisation places Mswipe among a limited set of fintech firms that have secured full regulatory clearance to operate as payment aggregators. The move aligns the company’s omni-channel offerings under RBI oversight and expands its scope beyond point-of-sale solutions.

Ketan Patel, co-founder and chief executive officer of Mswipe Technologies, said the licence marks a key milestone in the company’s evolution and supports its focus on building a secure and compliant digital payments ecosystem for merchants operating online, offline or through hybrid models.

The approval reflects Mswipe’s transition from a predominantly PoS device provider to a full-stack payments infrastructure company. Its platform currently supports merchants with MPOS and smart PoS terminals, QR soundboxes, payment gateways and embedded digital payment services across offline and online environments.

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.

Founded in 2011 and headquartered in Mumbai, Mswipe Technologies operates across more than 600 cities in India. Its investors include Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT and Ola.