Mswipe gets RBI payment aggregator licence for online and offline transactions

Mumbai-based digital payments firm Mswipe Technologies has received the Reserve Bank of India’s final Payment Aggregator (PA) licence, allowing it to operate across both online and physical payment channels.

With this approval, Mswipe can onboard merchants and aggregate payments across in-store, online, and hybrid setups under a single regulatory framework. The licence also enables the company to facilitate inward and outward cross-border payment flows, expanding its scope beyond domestic acceptance.

The firm currently offers MPOS and smart PoS terminals, QR soundboxes, payment gateways, and embedded digital payment services to merchants across categories.

In recent months, RBI approved online, offline and cross border payment aggregation for around half a dozen companies. These include Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay. With these clearances, the firms are authorised to offer a full stack of payment aggregator services across ecommerce transactions, in store merchant payments and cross border payment flows.

According to the company, the licence will allow it to scale its omni-channel payments offering and roll out additional services for MSMEs and enterprises operating across physical and digital channels.

In FY24, Mswipe’s payments business reported adjusted profitability, with revenue crossing Rs 275 crore. Its total payment volume more than doubled year-on-year, driven by increased adoption of its combined offline and online payment solutions.

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.