MobiKwik’s Zaakpay Gets RBI’s Nod-Unlocking a New Era for Online Payment Aggregation

Zaakpay, the payment gateway subsidiary of MobiKwik, has obtained in-principle approval from the Reserve Bank of India (RBI) to function as an online payment aggregator. With this approval, Zaakpay now has the ability to bring on additional merchants, allowing it to process online payments conveniently and safely independent of borders across India.

 

Zaakpay supports more than 100 payment options including UPI, debit and credit cards, net banking and mobile wallets for a range of businesses in e-commerce, mobility and bill payments. The platform is built to ensure security, employing multiple layers of encryption, firewalls at the system level, and adherence to international standards including PCI DSS, PA DSS and regulatory tokenisation requirements.

 

“Providing new merchants to onboard on the Zaakpay platform is exciting for us and we are happy to support them with a protected payment gateway that is easy to use. The more merchants we support, the more dedicated we are to build out the capabilities of the platform beyond just receiving payments. This announcement further cements our commitment towards transforming MobiKwik into a comprehensive digital banking services platform,” said Upasana Taku, Chairperson, Co-founder & COO of MobiKwik.

 

The RBI's approval is a significant milestone for MobiKwik, which has reported profitable quarters consecutively and continues to grow its presence in India's digital payments landscape. It is expected to accelerate payment possibilities for small and medium enterprises (SMEs) and businesses in remote geographies to engage more economically in the digital market economy. 

 

Source: Business Standard