New Delhi, Aug 9 : Financial services platform Mswipe Technologies on Tuesday said it has been granted an in-principle payment Aggregator (PA) licence from the Reserve Bank of India (RBI). After this approval, Mswipe will be able to create an internal online payment gateway.
The PA License will allow the company to bridge the gap between merchants and consumers by processing and accepting digital payments.
“MSMEs are the foundation of the Indian business ecosystem and the PA License will enable us to provide them with more affordable, simple and fully integrated digital payment services,” said Ketan Patel the CEO of Mswipe.
Mswipe is among the top points of sales (PoS) solutions providers as well as an end-to end digital payment enabler for small and medium-sized businesses.
Mswipe stated that it will concentrate on expanding its reach and reaching out to more MSMEs by providing them with all the optionsavailable, such as PoS terminals, QR-code payment boombox (payment soundbox) payment gateways, and lending solutions too.
Based in Mumbai, Mswipe began operations in the year 2011.
Its major investors are B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.
The central bank released the framework for payment aggregators in March 2020 declaring that payment gateways are required to obtain an authorization in order to purchase merchants and supply them with payment acceptance services that are digital.
The RBI’s strict evaluation process over 185 fintech companies and startups submitted proposals for a payment aggregator’s license.
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