RBI Grants In-Principle Approval to MobiKwik's Zaakpay As Payment Aggregator

New Delhi: Zaakpay, the payment gateway arm of Mobikwik, has recently secured in-principle authorization from the Reserve Bank of India (RBI) to function as a payments aggregator. This development comes after a two-year wait since the Gurugram-based payments company first filed its application with the RBI.

Initially rejected in 2021, Mobikwik reapplied for the payments aggregator license in October of the following yea Notably, the distinction between 'payments aggregators' and 'payment gateways' was clarified by the RBI in its 2020 PAPG guidelines. While payments aggregators handle the money, facilitating payments to merchants, payment gateways primarily offer the technological platform without involving themselves in fund settlements.

Expressing her satisfaction, Upasana Taku, the chairperson, co-founder, and COO of MobiKwik, stated, "We are delighted to welcome new merchants onto the Zaakpay platform, providing them with a secure and user-friendly payment gateway. The opportunity to support more businesses motivates us to continually enhance the capabilities of our platform. This milestone reinforces our commitment to further develop MobiKwik into a comprehensive digital banking services platform."

The approval marks a significant step for Mobikwik's Zaakpay, solidifying its position as a key player in the digital payment solutions landscape, with an increased capacity to cater to a broader spectrum of merchants and users.

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