NEW DELHI: Zaakpay, the payment gateway arm of MobiKwik has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator. The move will enable Zaakpay to onboard new merchants onto its platform for processing of online payments.
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Zaakpay works with brands across sectors ranging from e-commerce to mobility. “The digital realm presents small to medium businesses with the opportunity to participate in digital marketplaces and reach consumers across the country while sitting in the most remote regions. We are happy to welcome new merchants onto the Zaakpay platform and offer them a safe and user-friendly payment gateway.
The opportunity to support more businesses inspires us to continuously enhance the capabilities of our platform. This development reinforces our commitment to further develop MobiKwik into a comprehensive digital banking services platform,” chairperson, co-founder & COO Upasana Taku said in a statement.
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The RBI had rejected Zaakpay’s application for a payment aggregator licence last year. The firm had reapplied for the same. The development comes at a time when a bunch of few top payment gateway companies like Razorpay and PayU have not yet been able to secure a nod from the RBI to onboard new merchants to their platform.
Earlier this month, MobiKwik said that it has delivered a second straight PAT (profit after tax) positive quarter.
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The fintech firm posted net profits of Rs 5 crore in the July-September quarter. Revenues increased by 52% year-on-year to Rs 208 crore in Q2FY24, the company had said.
