MSwipe given payment aggregator licence by the RBI

10 Aug 2022 , 10:09 AM

Mswipe, which was founded in 2011, offers payment solutions, such as point-of-sale hardware, Unified Payments Interface (UPI) quick response codes, and payment links, to assist offline merchants in accepting online payments.

The Reserve Bank of India (RBI) has now granted MSwipe “in-principle” authorization to operate as a transaction aggregator. Over the next three months, MSwipe intends to roll out its payment gateway (PG) services throughout India.

The payment firm can now accompany corporations like Razorpay, Pine Labs, Innoviti Payment Solutions, and Stripe. The business has also applied for and is in discussion with the regulator to get a licence for prepaid payment instruments (PPIs).
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By the end of the current fiscal year, MSwipe hopes to expand this to $6 billion in annualized total payment value (TPV), up from its current processing volume of roughly $4 billion. With a Rs70 crore active loan book, it also offers loans to businesses.