MobiKwik Gets RBI Nod For Payment Aggregator Licence, Targets 10X Growth In Merchant Payments By FY28

One MobiKwik Systems Ltd has received in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator–Physical (PA-P) licence, a key regulatory milestone that allows the fintech company to expand deeper into offline merchant payments across India.

The approval enables MobiKwik to offer payment aggregation services for physical merchants, including accepting and processing in-store digital payments through point-of-sale infrastructure, QR-based payments, and merchant settlement solutions.

Following the announcement, MobiKwik shares rallied sharply in Tuesday’s trade. The stock surged nearly 8% to close at ₹199.13 on the National Stock Exchange. As of early afternoon trading on 26 May, the company’s market capitalisation stood at around ₹1,505 crore.

Company Targets Rapid Merchant Expansion Across India

The RBI approval comes at a crucial time for the Gurugram-based fintech player as it looks to scale its merchant payments vertical beyond online transactions. According to reports, the company is now targeting 10x growth in its merchant business by FY28, with a strong focus on expanding among small businesses, organised retail chains, and fuel stations across India.

MobiKwik said the licence strengthens its position as a full-stack fintech platform serving both consumers and merchants. The company already operates across digital wallet services, UPI payments, Buy Now Pay Later (BNPL), credit distribution, and merchant payment acceptance.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has steadily expanded its offerings across India’s digital payments ecosystem. The latest licence adds another layer to its growing regulated financial services portfolio.

Latest Approval Adds To MobiKwik’s Expanding Financial Services Push

The development also follows another major regulatory win for the company earlier this year. In April 2026, MobiKwik received RBI approval linked to its NBFC business, strengthening its lending operations. Over the past few months, the company has also moved into stock broking after securing approvals from the Bombay Stock Exchange, signalling a broader push beyond payments into full-spectrum financial services.

Also Read - Airtel Defends Priority Postpaid Service Before DoT, Says No Net Neutrality Rules Were Breached

Industry analysts say the PA-P licence could open up a significant revenue opportunity for MobiKwik as India’s offline digital merchant payments market continues to grow rapidly. With millions of small merchants increasingly adopting QR and POS-based payments, RBI-regulated payment aggregators are expected to play a bigger role in merchant onboarding, settlements, and payment infrastructure.

Sources:

Economic Times

inc42