After NBFC approval, MobiKwik gets RBI nod for offline payment aggregator business
- ByStartupStory | May 26, 2026
One Mobikwik Systems Ltd, parent company of Mobikwik, has received in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator-Physical (PA-P) licence, allowing the fintech company to aggressively scale its offline merchant payments business across the country.
The company said the approval will strengthen its ability to build payment acceptance infrastructure for offline commerce and help it target 10X growth in its merchant business by FY28.
This development comes just a month after the company secured RBI approval for an NBFC licence to launch its in-house lending arm.
MobiKwik currently supports a network of 4.9 million merchants through products such as UPI QR, Soundbox, and EDC machines. The company plans to focus on small businesses, oil and gas outlets, and organised retail over the next 18-24 months as part of its merchant expansion strategy.
According to the filing, MobiKwik intends to significantly ramp up deployments of Soundbox and EDC devices to increase its market share in offline acquiring.
The Gurugram-based fintech added that offline merchant payments offer better monetisation opportunities through MDR, subscription income, and device rentals compared to consumer payments that largely operate on zero-MDR rails. It also sees potential in using merchant transaction data for credit distribution.
Commenting on the development, founder Bipin Singh said offline merchant payments are emerging as one of the strongest growth drivers within India’s digital economy, especially in under-penetrated markets beyond urban India. He added that the PA-P approval positions the company to scale its merchant payments infrastructure nationwide.
In Q4 FY26, MobiKwik reported an 8% year-on-year increase in operating revenue to Rs 289 crore, while posting a profit of Rs 4.4 crore, compared to a loss of Rs 56 crore in the corresponding quarter last year.
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