Mumbai-based fintech firm Mswipe Technologies has received the final Payment Aggregator (PA) licence from the Reserve Bank of India, marking an important milestone in the company’s journey as a full-stack digital payments provider. The approval allows Mswipe to process both online and offline transactions under a single regulatory framework, significantly strengthening its position in India’s fast-growing payments ecosystem.
The licence enables Mswipe to onboard merchants directly and offer end-to-end payment aggregation services across multiple channels. This includes in-store payments through PoS terminals, QR-based transactions, and online payments via websites and mobile applications. With this approval, the company can also facilitate inward and outward payment flows in compliance with RBI norms, expanding its operational scope.
Strengthening Omni-Channel Payment Capabilities
The RBI authorisation comes at a time when Indian businesses are increasingly adopting hybrid models that combine physical stores with digital storefronts. By securing the PA licence, Mswipe can now offer a seamless omni-channel payment experience, helping merchants manage online and offline payments through a unified platform.
For retailers, restaurants, service providers and e-commerce businesses, this means simpler onboarding, smoother reconciliation, and better compliance. Mswipe’s transition from a PoS-focused company to a broader payments infrastructure provider reflects the evolving needs of Indian merchants who are looking for reliable, scalable and compliant payment solutions.
A Key Regulatory Milestone in a Competitive Market
Payment aggregator licences are considered crucial for fintech companies operating at scale in India, as the RBI has tightened regulatory oversight in recent years to improve security and consumer protection. With this approval, Mswipe joins a limited group of authorised payment aggregators that can legally offer comprehensive payment services across channels.
The licence also gives Mswipe a competitive edge in a crowded fintech market, where regulatory clarity often determines long-term sustainability. It positions the company to compete more effectively with established and emerging players that are targeting both online commerce and offline retail payments.
Business Growth and Financial Performance
Mswipe has reported steady growth in recent years, driven by rising adoption of digital payments among small and medium businesses. In FY24, the company achieved adjusted profitability, with revenue crossing ₹275 crore. Its total payment volume reportedly more than doubled year-on-year, highlighting strong traction for its combined online and offline offerings.
The PA licence is expected to further accelerate this growth by enabling the launch of new payment products and services. These may include advanced merchant tools, improved settlement cycles, and deeper integrations for businesses operating across multiple sales channels.
Focus on MSMEs and Enterprise Clients
A major beneficiary of this development is expected to be India’s MSME sector. With the new licence, Mswipe can design customised payment solutions for small businesses as well as large enterprises that require reliable, compliant and scalable payment infrastructure. As digital payments continue to penetrate Tier II and Tier III cities, Mswipe’s expanded capabilities could play a role in supporting wider financial inclusion.
Founded in 2011 and headquartered in Mumbai, Mswipe operates across hundreds of cities in India. The company is backed by well-known investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT and Ola.
What This Means for India’s Digital Payments Landscape
The RBI’s approval of Mswipe’s payment aggregator licence underlines the regulator’s broader push towards a safer, more transparent and innovation-driven payments ecosystem. For merchants and consumers, it signals access to more integrated and secure payment experiences.
For Mswipe, the licence not only validates its compliance and operational maturity but also opens new avenues for expansion. As India’s digital economy continues to grow, the company is now better positioned to support the next phase of online and offline commerce across the country.