MobiKwik gets RBI approval for offline PA license
26 May 2026, 04:27 PMMobiKwik said it is targeting a 10x expansion in its merchant payments segment by FY28.
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Fintech company MobiKwik has secured in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator-Physical (PA-P) licence, enabling it to strengthen and expand its offline payments operations across the country.
The approval allows the company to scale its merchant acquiring business more aggressively and build payment acceptance infrastructure for physical retail businesses.
MobiKwik said it is targeting a 10x expansion in its merchant payments segment by FY28.
The development follows closely on the heels of the company receiving RBI approval for an NBFC licence last month.
MobiKwik currently serves around 4.9 million merchants through products such as UPI QR codes, Soundbox devices, and electronic data capture (EDC) machines. Over the next 18 to 24 months, the company plans to focus on sectors including small businesses, fuel stations, and organised retail chains.
As part of its expansion strategy, the Gurugram-based company intends to increase deployment of Soundbox and EDC devices to strengthen its presence in offline payment acquiring.
The fintech firm believes offline merchant payments can generate stronger monetisation opportunities through MDR income, device rentals, and subscription-based revenue models, unlike consumer payments that largely operate on zero-MDR systems. It also plans to leverage merchant transaction data to grow its credit distribution business.
Commenting on the approval, Bipin Preet Singh, co-founder, MD & CEO, MobiKwik, said offline merchant payments are becoming a key growth driver in India’s digital economy, particularly in underserved markets outside major cities.
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