Mswipe secures RBI Payment Aggregator licence

By Vriti Gothi

Mswipe Technologies has received the Reserve Bank of India’s final Payment Aggregator (PA) licence for both online and physical payment acceptance, marking a significant regulatory milestone for the Mumbai-based FinTech as it expands its full-stack payments capabilities.

The licence allows Mswipe to onboard merchants directly and aggregate customer payment instruments across digital and in-person channels under a single regulatory framework. It also enables the company to facilitate both inward and outward cross-border payments, thereby strengthening its position as an omnichannel payments infrastructure provider.

Payment Aggregator authorisation has emerged as a critical benchmark in India’s payments ecosystem, particularly as the RBI tightens oversight around merchant onboarding, fund flows, and data security. With only a limited number of FinTech firms securing full PA approval, the licence signals regulatory readiness and operational maturity, an increasingly important differentiator as merchants consolidate their payment partners.

Ketan Patel, Co-founder & CEO, Mswipe Technologies, said, “Securing the Payment Aggregator licence is a landmark inflexion point in Mswipe’s journey. This authorisation reinforces our vision to build a trusted, secure, and inclusive digital payments ecosystem that seamlessly serves merchants across India – whether they operate online, at physical storefronts, or in hybrid models. The licence empowers us to accelerate innovation, deepen our service portfolio, and deliver value-driven solutions that address the evolving needs of India’s MSMEs and enterprise partners alike. We remain committed to driving financial inclusion and enabling next-generation commerce with cutting-edge technology and strong regulatory alignment.”

The approval reflects Mswipe’s strategic shift beyond its origins as a point-of-sale device provider. Over the past few years, the company has broadened its platform to include MPOS and smart PoS terminals, QR soundboxes, payment gateways, and embedded digital payment services, supporting transaction flows across both offline and online environments.

In the financial year ended FY24, Mswipe’s payments business turned adjusted profitable, reporting revenue of over $30.66 million. The company’s total payment volume more than doubled year-on-year, indicating growing adoption of its omni-channel offerings amid rising demand for integrated payment solutions among Indian merchants.

As regulatory compliance becomes central to scale and sustainability in India’s FinTech sector, Mswipe’s PA licence positions it to compete more directly with established payment aggregators while deepening its role in the country’s evolving digital commerce infrastructure.