With the authorization of a payment aggregator, Mswipe looks to develop an internal payment gateway online
It is now offering complete-stack payment options for offline and online merchants across the country.
It has raised $105 million from investors including B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital, to name a few.
Fintech startup Mswipe is now granted the authorization to operate as a payment aggregator through the Reserve Bank of India (RBI).
In this way, Mswipe plans to create an internal payment gateway for online transactions. The company will offer full-stack solutions for payment to offline and online merchants , and plans to bring more merchants to its platform.
With getting in-principle approval for the payment aggregator’s license, we hope to improve the burden of merchants across nation. MSMEs constitute the core of the Indian economy as well this PA License will enable us to offer them fully integrated payment solutions for digital transactions, Ketan Patel, the chief executive officer Mswipe Technologies, said. Mswipe Technologies said.
In 2011, Mswipe was founded in 2011 by Patel, Mswipe is a MPOS-based network that allows merchants accept payments from credit cards through feature phones or smartphones. Its services comprise PoS terminals, QR-code-based payments boomboxes, payment gateways along with lending services, in addition to.
So so far, Mswipe has raised an amount of $105 million from investors including B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital as well as others.
In the past, fintech companiessuch as Razorpay, Pine Labs and Innoviti have also received preliminary approval for a payment aggregator licenses from central banks.
A payment aggregator functions as an external third-party provider of payment which handles online transactions for merchants. Through integration with merchant platforms, it can offer various payment options such as debit and credit card and bank transfers, as well as others that could be utilized by consumers to make payments.
According to the RBI regulations, in order to get an authorization for a payment aggregator the fintech company must show
A net value of INR 15 crore as of the fiscal year 2021. In addition, a startup should also have an INR 25 Crore before the close of financial year 2023.
It should be noted that more than the course of 185 fintech companies and startups , including CRED PhonePe and CRED PhonePe have shared proposals to the central bank in order to the issuance of a payment aggregator licence.