Mswipe Technologies gets RBI payment aggregator licence for online and offline payments

Mumbai-based digital payments firm Mswipe Technologies has received the Reserve Bank of India’s (RBI) final Payment Aggregator (PA) licence, allowing it to operate across both online and physical payment acceptance modes under a single regulatory framework.

The licence authorises Mswipe to onboard merchants and aggregate customer payment instruments across in-store, online, and hybrid channels. It also enables the company to facilitate inward and outward cross-border payment flows, expanding its scope beyond domestic transactions.

With this approval, Mswipe joins a small group of fintech companies that have secured full PA authorisation in recent months. These include Paytm, Razorpay, Easebuzz, PayU, Pine Labs and Airpay, all of which are now permitted to offer payment aggregation across ecommerce transactions, in-store merchant payments and cross-border flows.

Founded in 2011, Mswipe has traditionally been known for its point-of-sale hardware but has steadily expanded into a broader payments infrastructure provider. Its offerings include MPOS and smart PoS terminals, QR soundboxes, payment gateways and embedded digital payment services designed to support both offline and online transaction flows. The company currently serves merchants across more than 600 cities in India.

According to the company, the PA licence will allow it to scale its omni-channel payments platform and introduce additional services for MSMEs and enterprises operating across physical and digital environments.

Commenting on the development, Ketan Patel, Co-founder and CEO of Mswipe Technologies, said, “Securing the Payment Aggregator licence is a landmark inflection point in Mswipe’s journey. This authorisation reinforces our vision to build a trusted, secure, and inclusive digital payments ecosystem that seamlessly serves merchants across India—whether they operate online, at physical storefronts, or in hybrid models. The licence empowers us to accelerate innovation, deepen our service portfolio, and deliver value-driven solutions that address the evolving needs of India’s MSMEs and enterprise partners alike. We remain committed to driving financial inclusion and enabling next-generation commerce with cutting-edge technology and strong regulatory alignment.”

In FY24, Mswipe’s payments business reported adjusted profitability, with revenue crossing Rs 275 crore. Its total payment volume more than doubled year-on-year, driven by increased adoption of its combined offline and online payment solutions.

Mswipe is backed by investors including Alpha Wave Global, Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT and Ola.