MobiKwik Shares Rise 6% Following RBI Approval for Offline Payment Aggregator Licence

MobiKwik Shares Surge 6% on RBI Approval for Payment Aggregator-Physical Licence

Shares of One MobiKwik Systems soared more than 6 percent on Tuesday, May 26, after the company announced that it had received in-principle approval from the Reserve Bank of India for its Payment Aggregator-Physical (PA-P) licence. This development enables the expansion of its offline merchant payments business across India.

On the National Stock Exchange (NSE), One MobiKwik Systems surged 6.04 percent to Rs 202.70. The company's approval marks a significant milestone in its evolution as a full-stack fintech platform catering to consumers and merchants through payments and financial services.

At present, MobiKwik supports a network of 4.9 million merchants through offerings including UPI QR, Soundbox, and EDC machines. The company has identified small businesses, oil and gas outlets, and organised retail as its three key focus segments over the next 18-24 months, with plans to materially increase market share across these categories.

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According to the company, offline merchant payments represent a large and under-penetrated opportunity in India, with industry estimates pegging the merchant payments GMV opportunity at $ 1.8-2 trillion by FY28, citing Redseer data. Unlike consumer payments that largely operate on zero-MDR rails, offline acquiring offers stronger MDR opportunities along with subscription and device rental economics, while also facing relatively lower competitive intensity.

The PA-P licence provides the foundation for long-term business growth and strengthens MobiKwik's ability to build compliant, secure, and scalable payment acceptance infrastructure for offline commerce in partnership with banks. The company had earlier received the Payment Aggregator-Online (PA-O) licence through its subsidiary Zaakpay around a year ago, enhancing its omnichannel merchant payments capabilities across both online and offline commerce.

Bipin Preet Singh, Co-founder, MD and CEO of MobiKwik, commented on the development, stating that 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. The company remains focused on building secure, scalable, and technology-led solutions that help merchants participate more effectively in India's growing digital economy.

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