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RBI grants payment aggregator licence to Mswipe Technologies

Economic Times

Economic Times · 1y ago

RBI grants payment aggregator licence to Mswipe Technologies

Mswipe Technologies has obtained a payment aggregator (PA) license from the Reserve Bank of India (RBI). The company, which provides digital payment solutions to merchants, had received an in-principle approval from the RBI earlier this year. Mswipe aims to diversify and become a full-stack payments player by offering its payment gateway services to mid-tier businesses. The RBI has granted PA licenses to a total of 16 entities, including Juspay, Stripe, Google, Zoho, and Zomato, while others like PhonePe, Pine Labs, and Billdesk are still awaiting final authorization.

Related News

Fintech strtup Mswipe Technologies receives Payment Aggregator license from RBI

IndianStartupNews

IndianStartupNews · 1y ago

Fintech strtup Mswipe Technologies receives Payment Aggregator license from RBI

Indian payment solutions provider Mswipe Technologies has received a payment aggregator (PA) license from the Reserve Bank of India (RBI), joining a select group including Juspay, Razorpay, and Google. Mswipe aims to enhance its offerings and provide a seamless payment experience through its suite of digital payment solutions. The company plans to diversify its services and expand its merchant network, focusing on mid-tier businesses and micro, small, and medium enterprises (MSMEs). This move is expected to drive innovation and contribute to a more inclusive and empowered payment ecosystem in India.

Mswipe’s FY23 loss declines 45% to INR 49 Cr on lower cash burn

Inc42 · 1y ago

Mswipe’s FY23 loss declines 45% to INR 49 Cr on lower cash burn

Fintech major Mswipe Technologies recorded a 45% reduction in its net loss for FY23, amounting to INR 49.1 Cr compared to INR 90 Cr in the previous fiscal year. The company's total expenditure decreased by 3% to INR 328.4 Cr, while revenue from operations saw a 14% increase to INR 274.5 Cr. Mswipe provides digital payments solutions to merchants, including POS terminals, QR codes, and audio devices for payment confirmation. Its expenses mainly consisted of IT costs and employee benefits. The company is awaiting final approval from the Reserve Bank of India (RBI) for a payment aggregator license.

Mumbai-based Mswipe Technologies raises $20M led by Alpha Wave Global, existing investors

IndianStartupNews

IndianStartupNews · 1y ago

Mumbai-based Mswipe Technologies raises $20M led by Alpha Wave Global, existing investors

Mumbai-based digital payments startup Mswipe Technologies has raised $20 million in a growth equity round led by Alpha Wave Global, with participation from existing investors. With this funding, Mswipe aims to expand its merchant payment network, enhance product development, and strengthen its technological infrastructure. The Reserve Bank of India recently granted Mswipe a payment aggregator license, allowing the company to offer comprehensive payment technology solutions. Mswipe plans to diversify beyond offline merchant acceptance devices and focus on payment gateway offerings for mid-tier businesses and MSMEs. The company reported a 14% YoY increase in revenue and reduced losses by 46% for FY23.

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Inc42 · 9m ago

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.

Mswipe Secures RBI Nod For Payment Aggregator Biz

Inc42 · 1y ago

Mswipe Secures RBI Nod For Payment Aggregator Biz

Fintech company Mswipe Technologies has narrowed its net loss by 45% in the financial year 2022-23, as it received approval for a payment aggregator license from the Reserve Bank of India. With the license, Mswipe will offer payment technology solutions to businesses for accepting payments through multiple channels. The company aims to enhance its suite of offerings and deliver secure and user-friendly payment technology. Mswipe's revenue from operations also increased by 14%. Other fintechs, including PhonePe and Pine Labs, are still awaiting final approval for the payment aggregator license.

Worldline’s India Arm Gets Payment Aggregator Licence

Inc42 · 1y ago

Worldline’s India Arm Gets Payment Aggregator Licence

Worldline ePayments India Pvt Ltd, the Indian arm of French digital payments company Worldline, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This approval will allow Worldline to acquire merchants and offer digital payment acceptance solutions in India. The company entered the Indian market in 2017 through the acquisition of Chennai-based payments platform MRL PosNet. The RBI has been granting payment aggregator licenses to several companies recently, indicating the significance of the expanding digital payment industry in India, which is expected to grow further in the coming years.

Innoviti Payments, Concerto Software get RBI payment aggregator licences

Economic Times

Economic Times · 1y ago

Innoviti Payments, Concerto Software get RBI payment aggregator licences

Innoviti Payments and Vegaah have obtained the online payment aggregator licence from the Reserve Bank of India, joining the ranks of MSwipe, Razorpay, Cashfree, and Zomato. This licence allows these companies to settle ecommerce transactions and puts them under the regulatory purview of the RBI. Innoviti has a large base of online merchants using its payment system, Innoviti Link, and aims to provide a unified payment experience for customers both online and offline. MSwipe also received the licence recently and offers online payment services to its offline customers for an omnichannel experience.

RBI Grants Payment Aggregator Licence To Amazon Pay

Inc42 · 1y ago

RBI Grants Payment Aggregator Licence To Amazon Pay

Amazon Pay, the fintech arm of e-commerce giant Amazon, has received authorization from the Reserve Bank of India (RBI) to operate as a payments aggregator (PA). This license allows Amazon Pay to strengthen its distribution channels and deliver innovative solutions for merchants and customers. The RBI has granted the PA license to 10 applicants so far in 2024, including JusPay, Stripe, Tata Payments, and Mswipe. This approval comes amid increased scrutiny from the central bank on fintech startups and their compliance with regulations. The digital payments sector in India is expected to reach a market size of $253 billion by 2030.

Mswipe raises $20 million in ongoing funding round led by Alpha Wave

Economic Times

Economic Times · 1y ago

Mswipe raises $20 million in ongoing funding round led by Alpha Wave

Merchant payment provider Mswipe Technologies has raised $20 million in growth equity capital from its existing investors, led by Alpha Wave Global. The funds will be used to expand its merchant payment network and enhance its product and technology infrastructure. Mswipe recently received regulatory approval from the Reserve Bank of India for a payment aggregator license and will now compete with other providers in the online and offline merchant payment space. The company offers various payment solutions including point-of-sale devices, UPI, QR codes, and payment links, as well as loans and inventory management services to offline merchants.

Catamaran-backed Innoviti gets payment aggregator licence

VCCircle

VCCircle · 1y ago

Catamaran-backed Innoviti gets payment aggregator licence

Indian retail SaaS platform Innoviti has been granted a payment aggregator licence by the Reserve Bank of India (RBI). The company, which services enterprise brands and their SME channel partners, received final approval on 22 March to operate as an online payment aggregator under the Payments and Settlements Act, 2007. Innoviti has already started onboarding merchants and claims to have experienced 4x growth in its online business over the past year. The company provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants and small retailers.

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