RBI Grants Payment Aggregator Approval to Mswipe Technologies

Mswipe Technologies has received the final Payment Aggregator licence from the Reserve Bank of India (RBI), allowing the company to process payments across both online and physical channels.

With this approval, the Mumbai-based digital payments firm can now operate as a fully regulated payment aggregator and expand its services to include inward and outward cross border transactions.

The licence allows Mswipe to onboard merchants directly and aggregate different customer payment instruments under a single regulatory framework.

This brings together the company's online payment gateways and in store acceptance tools such as point of sale terminals and QR based solutions. Industry observers see the approval as a significant step for the company as regulatory clearance remains a key requirement for scaling payment operations in India.

Ketan Patel Co-founder and CEO of Mswipe Technologies said "Securing the Payment Aggregator licence is a landmark moment for us. It strengthens trust in our platform and enables us to serve merchants seamlessly across online, offline and hybrid models while staying closely aligned with regulatory expectations."

Founded in 2011, Mswipe Technologies started as a point of sale device provider and gradually expanded into a broader digital payments platform. Over the years, it has introduced multiple payment acceptance solutions aimed at small businesses as well as larger enterprises. The company currently serves merchants in more than 600 cities across India, reflecting the growing adoption of digital payments beyond major urban centres.

The new licence also highlights Mswipe's transition into a full stack payments infrastructure company. Its offerings now include mobile and smart point of sale terminals, QR soundboxes, payment gateways and embedded digital payment services designed to simplify transactions for merchants operating both online and offline.

In the recent financial year, Mswipe's payments business turned adjusted profitable, recording over INR 275 crore in revenue in FY24 with Total Payment Volume (TPV) more than doubling year-on-year, underscoring strong adoption of its omni-channel offerings.

Mswipe is backed by investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC RNT and Ola.

With the RBI approval now in place, the company is positioned to strengthen its role in India's evolving digital payments ecosystem while continuing to focus on compliance and security.