Mswipe Technologies gets RBI approval for payment aggregator’s licence

Mswipe Technologies has received in-principle approval from the Reserve Bank of India (RBI) for a payment aggregator (PA) licence, said the company that provides point of sales (PoS) solutions and helps businesses with digital payments.

A payment aggregator is a third party responsible for managing and processing merchants’ online transactions. A PA licence will allow Mswipe to develop an in-house online payment gateway, moving away from outsourcing transaction settlements.

“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”, said Ketan Patel, chief executive officer of the company.