MobiKwik gets RBI in-principle approval for Offline PA license, eyes 10X merchant growth
MobiKwik received in-principle approval for its Payment Aggregator - Physical (PA-P) license from the RBI. The company targets 10x growth in its merchant business by FY28, aiming to expand its offline payment solutions. This move strengthens its omnichannel capabilities and positions it for significant growth in underserved markets.
The RBI license is a significant regulatory approval that directly impacts the company's ability to scale its core business and achieve ambitious growth targets.
The company received a crucial license from the RBI, which is a positive development that will enable business expansion and growth.
One MobiKwik Systems Ltd. has announced that it has received an in-principle approval from the Reserve Bank of India (RBI) for its Payment Aggregator - Physical (PA -P) license. This approval is a significant milestone for MobiKwik, enabling the company to expand its offline merchant payments business across India and strengthen its position as a full-stack fintech platform.
MobiKwik currently supports a network of 4.9 million merchants with offerings like UPI QR, Soundbox, and EDC machines. The company plans to aggressively scale its merchant business to achieve 10x growth by FY28, with a strategic focus on small businesses, oil & gas outlets, and organized retail. The offline merchant payments sector presents a substantial opportunity, with industry estimates projecting the merchant payments GMV to reach USD 1.8-2 trillion by FY28. This segment offers attractive monetization opportunities through stronger MDR, subscription, and device rental economics, alongside lower competitive intensity.
The PA -P license provides MobiKwik with a strong foundation for long-term business growth and the ability to build compliant, secure, and scalable payment acceptance infrastructure for offline commerce in partnership with banks. This development complements the Payment Aggregator - Online (PA -O) license obtained by its subsidiary Zaakpay approximately a year ago, enhancing MobiKwik's omnichannel merchant payment capabilities.
Bipin Preet Singh, Co-founder, MD & CEO of MobiKwik, expressed optimism about the approval, stating, "Offline merchant payments are emerging as one of the strongest growth drivers within India’s digital economy, particularly across under-penetrated markets beyond urban India. This PA -P approval strengthens our ability to scale merchant payments infrastructure across the country and sets us up for 10x growth in merchant business by FY28." He also conveyed gratitude to the RBI for its faith in the company and reiterated MobiKwik's focus on building technology-led solutions to empower merchants in India's growing digital economy.
What to do with a filing like this
One Mobikwik Systems Limited filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by One Mobikwik Systems Limited. Read the original for the full detail.