August 9, 2022: The Reserve Bank of India (RBI) granted Mswipe Technologies, India’s top point of sales (PoS) solutions provider and an end-to-end digital payment enabler for MSMEs, has received an in-principal Payment Aggregator (PA) License. As opposed to previously outsourcing their transaction settlement to partner companies, Mswipe will now be able to develop an in-house online payment gateway. The PA License will allow the company to bridge the gap between merchants and customers by accepting and processing digital payments.
As a result, Mswipe will have the opportunity to grow as a full-stack payments company and lead both, the offline and online payment ecosystems. Obtaining a PA license will allow the company to develop new products and innovate processes, enabling them to make life easier for merchants. In addition to being cost-effective, PA License will serve as a catalyst for Mswipe’s growth by providing the fuel needed to expand their outreach, offer in-house online and offline solutions to merchants, and further Mswipe’s goal of being a bank for the merchants.
Commenting on the news, Ketan Patel, the CEO of Mswipe Technologies said, “With receiving the in-principal approval for payment aggregator license, we aim to ease the lives of merchants across the country. MSMEs are the backbone of the Indian business ecosystem, and the PA License will enable us to provide them with simpler, affordable and integrated digital payment solutions. Our aim at Mswipe is to be the one-stop shop and provide merchants with a host of services which help them in their digital transformation journey. ”
In addition to providing its current merchant ecosystem with the opportunity to use the payment gateway, Mswipe will now concentrate on expanding and reaching out to more MSMEs by offering them with all the options, including PoS terminals, QR-code payments, boombox (payment soundbox), payment gateways, and even lending solutions.