RBI grants Payment Aggregator license to Mswipe Technologies

Digital payments company Mswipe Technologies is the latest to receive the payment aggregator (PA) license by the Reserve Bank of India (RBI).

The announcement comes after Mswipe received an in-principle nod in August 2022. The license enables Mswipe to offer full-stack payment technology providing omni-channel solutions.

The PA license solidifies the company's objective to enhance its suite of offerings while delivering secure and user-friendly payment technology to banking partners, enterprises, and merchants across categories, Mswipe said in a statement.

Mswipe has now joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open and Enkash which recently received a nod from RBI to operate as an online payment aggregation platform.

Mswipe is an omni-channel digital payments platform providing a host of offline and online payment acceptance solutions to merchants across categories. The Mumbai-based company counts Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola as its key investors.

The firm’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22.