MobiKwik Secures RBI Approval for Physical Payment Aggregator License, Targets 10X Merchant Growth

MobiKwik Secures RBI Approval for Physical Payment Aggregator License, Targets 10X Merchant Growth​

Gurugram, India, May 26, 2026: One MobiKwik Systems Ltd. (MobiKwik) today announced that it has received an in-principle approval for its Payment Aggregator - Physical (PA-P) license from the Reserve Bank of India (RBI). This approval positions the company to significantly deepen its offline merchant payments business across India. The milestone enhances MobiKwik's operational capacity as a full-stack fintech platform serving both consumers and merchants through various payment and financial services.

MobiKwik currently supports a network of 4.9 million merchants through services including UPI QR, Soundbox, and EDC machines. The company has identified small businesses, oil and gas outlets, and organized retail as three key strategic focus segments over the next 18 to 24 months, aiming to materially expand its market share in each vertical. To achieve its goal of 10x growth in merchant business by Fiscal Year 2028 (FY28), MobiKwik plans to significantly ramp up its deployments of Soundbox and EDC machines.

Offline merchant payments present a substantial and largely under-penetrated market in India. Industry estimates place the merchant payments Gross Merchandise Value (GMV) opportunity at USD 1.8-2 trillion by FY28. Unlike consumer payments, which often operate on zero MDR rails, offline acquiring offers strong MDR opportunities, along with potential for subscription and device rental economics, and relatively lower competitive intensity. MobiKwik believes this segment offers long-term monetization through merchant engagement and utilizing transaction data to facilitate merchant credit distribution.

The PA-P license provides the company with a robust foundation to build compliant, secure, and scalable payment acceptance infrastructure for offline commerce in collaboration with banks. Previously, the Group strengthened its omnichannel capabilities by receiving the Payment Aggregator - Online (PA-O) license through its subsidiary Zaakpay approximately one year ago.

Commenting on the development, Bipin Preet Singh, Co-founder, MD, and CEO, stated, "Offline merchant payments are emerging as one of the strongest growth drivers within India's digital economy, particularly across under-penetrated markets beyond urban India. This PA-P approval strengthens our ability to scale merchant payments infrastructure across the country and sets us up for 10x growth in merchant business by FY28. We remain focused on building secure, scalable and technology-led solutions that help merchants participate more effectively in India's growing digital economy."

Operational Overview​

MobiKwik, established in 2009 by Bipin Preet Singh and Upasana Taku, operates as a digital wallet and financial services platform for both consumers and merchants. The company supports various payment products, including MobiKwik Wallet, UPI, Pocket UPI, and Zaakpay (payment gateway).

As of March 2026, MobiKwik reported key operational figures:


According to the RedSeer Report, as of Fiscal 2023, MobiKwik maintained the fourth-highest user base in India by total registered users and was recognized as a leading digital financial product and services platform.

MOBIKWIK Stock Price Movement​

Shares of One Mobikwik Systems Limited are rallying to ₹203.88 as of 12:23 PM, gaining 6.65% in live trading. This strong upward movement is supported by notable buying interest, with the stock trading on a volume of 2.16 million shares.