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.
