Mumbai-based digital payments firm Mswipe Technologies has received the Reserve Bank of India’s final Payment Aggregator (PA) licence, enabling it to operate across online, offline, and hybrid payment channels under a unified regulatory framework. The approval allows the company to onboard merchants and aggregate payments across physical stores, ecommerce platforms, and blended commerce models.
Cross-Border Payment Enablement
With the licence, Mswipe is authorised to facilitate both inward and outward cross-border payment flows. This expands the company’s scope beyond domestic payment acceptance and allows it to serve merchants with international transaction requirements alongside local payment needs.
Product Portfolio
Mswipe offers a range of payment solutions including MPOS and smart PoS terminals, QR-based soundboxes, payment gateways, and embedded digital payment services. These products support merchants across categories, enabling acceptance of payments across in-store and digital channels.
Industry Context
In recent months, the RBI has approved online, offline, and cross-border payment aggregation for several companies, including Paytm, Razorpay, Easebuzz, PayU, Pine Labs, and Airpay. These approvals allow authorised firms to offer a full stack of payment aggregation services covering ecommerce transactions, in-store merchant payments, and international payment flows within a regulated framework.
Growth Strategy
According to the company, the PA licence will help scale its omni-channel payments business and support the rollout of additional services for MSMEs and enterprise merchants operating across physical and digital environments. The company aims to deepen engagement with merchants seeking integrated payment solutions.
Financial Performance
In FY24, Mswipe’s payments business reported adjusted profitability, with revenue exceeding ₹275 crore. Its total payment volume more than doubled year-on-year, driven by higher adoption of combined offline and online payment solutions.
Company Background
Founded in 2011, Mswipe serves merchants across more than 600 cities in India. The company is backed by investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola.
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