Not Just Online Anymore: One MobiKwik Gets RBI Green Light To Start Building A Physical Payment Aggregator Network

In principle approval means RBI is satisfied with MobiKwik’s initial compliance, capital and governance framework for operating as a payment aggregator, but expects the company to meet additional conditions before a final licence is granted. Once the full authorisation comes through, MobiKwik will be able to onboard and settle for physical merchants directly, handling card, UPI and other digital payment rails at the point of sale.

What The Physical PA Licence Enables

A physical payment aggregator licence allows a player to acquire and manage offline merchants, deploy QR codes and PoS infrastructure, and route transactions through approved payment systems. For MobiKwik, it opens up incremental fee income, deeper data on consumer spends and tighter integration with its wallet, BNPL and credit products across both online and offline channels.

Strategic Implications For Fintech And Merchants

The approval comes as RBI continues to rationalise the payment aggregator space, pushing for stronger governance, net worth thresholds and customer protection standards. For small retailers and SMEs, another licensed aggregator could mean more choice, negotiated MDRs and integrated payment and credit solutions in a single stack, particularly beyond metros and tier one cities.

Regulatory Milestone Highlights

• One MobiKwik Systems receives RBI in principle clearance for a physical payment aggregator licence
• Approval allows the fintech to work towards full scale offline merchant acquisition and settlement
• Licence will help MobiKwik unify online and offline payments, data and credit offerings
• Move reflects RBI’s calibrated opening of the PA ecosystem to well capitalised, compliant fintechs

Sources: Times of India and CNBC TV18