RBI approves MobiKwik's Zaakpay to operate as an online payment aggregator

Zaakpay, a wholly owned subsidiary of listed fintech firm MobiKwik, has received the certificate of authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA/PG). 

Zaakpay is a B2B payments company that enables online businesses to accept payments seamlessly across payment modes such as credit cards, debit cards, net banking, UPI, wallets, pay later, EMIs, and more. 

Market presence and partnerships

Zaakpay claims to have a customer base of leading brands in sectors such as transit, e-commerce, healthcare, digital lending, and bill payments, etc. Over the last couple of years, the company has been rebuilding its payment gateway business with renewed vigour and focus on launching innovative products.

In 2024, it partnered with Meta (WhatsApp for Business) to launch Conversational Commerce (in-chat) payments for large Transit and Healthcare clients.

Earlier this year, it started offering Affordability (Credit & Debit Card EMIs) on payment checkout to e-commerce platforms. Most recently, Zaakpay launched Instant daily settlements for its enterprise merchants to help them scale faster.

The role of regulatory approval

MobiKwik said the final regulatory approval is strategically important as will enable the company to expand its B2B business and thereby its digital payments footprint in India. It also supports its core consumer payments business, it said. 

Bipin Preet Singh, Managing Director & Founder, MobiKwik, said, "We are thrilled to receive the final authorization from RBI to operate as a payment aggregator (PA/PG.) This milestone stands as a testament to our group’s resolute focus on building safe, innovative, and compliant digital payment solutions for the last 15 years." 

"With this license, we will be able to better serve India's digital economy - more specifically, the needs of its fast-growing internet startups. We warmly welcome new customers to Zaakpay and promise them a secure and easy-to-use payment product for their checkout. Helping more internet businesses succeed is what drives us to keep improving our services," Singh added.

This PA/PG license approval was granted under the Payment and Settlement Systems Act, 2007 (PSS Act), and was communicated today via RBI’s letter to Zaak ePayment Services Private Limited (Zaakpay).