This comes after the company received an in-principle nod from the central bank to operate as a PA in August 2022.
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According to RBI’s website, as of February 16, a total of 16 entities have been granted final PA licences in the country including merchant payment solutions provider Juspay, Razorpay, fintech Stripe, search behemoth Google, neo-bank Open among other entities. Software major Zoho and food-delivery company Zomato are others to have received their licences.
“With a continued commitment to our business partners and the merchant community at large, we stay true to our promise of providing innovative omni-channel digital payments with cutting-edge technology,” said Ketan Patel, cofounder and chief executive, Mswipe Technologies.
After receiving the in-principle nod, Mswipe was looking to pilot its payment gateway stack with its existing merchant base. It was looking to become a full-stack payments player, diversifying from offering offline merchant acceptance devices.
Through its PG offerings, it was looking to target the mid-tier segment, including businesses with a turnover of Rs 100-200 crore.
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Founded in 2011, Mswipe provides payment solutions, including point-of-sale devices, Unified Payments Interface (UPI) quick response codes and payment links to help offline merchants receive payments digitally.It also aids offline merchants with loans as well as store and inventory management solutions.
While the RBI has begun rolling out the PA licence to entities, other major fintechs such as PhonePe, Pine Labs and Billdesk are still awaiting the final nod from the regulator. To be sure, these entities have received in-principle authorisation from the central bank.
