MobiKwik's payment gateway arm Zaakpay has received in-principle authorisation from the Reserve Bank of India to operate as a payment aggregator.
It will enable Zaakpay to onboard new merchants onto its platform, according to the company's statement.
“The opportunity to support more businesses inspires us to continuously enhance the capabilities of our platform. This development reinforces our commitment to further develop MobiKwik into a comprehensive digital banking services platform," said Upasana Taku, chairperson and co-founder of MobiKwik.
In the September quarter, mobile wallet operator MobiKwik's revenue and profit rose. The company reported a profit of Rs 5 crore in the quarter ended September, as compared with Rs 3 crore in the previous quarter. This is the company's third consecutive quarter of profitability, it said in a statement.
Its revenue surged 52% year-on-year to Rs 208 crore.
"This approval not only bolsters MobiKwik's standing in the digital payments ecosystem but also paves the way for an expanded merchant base and potentially greater transaction volumes," Nitin Purswani, chief executive at Medius AI—a debt collection intelligence platform—told BQ Prime.
"Merchants, especially from the small and medium business sector, will find it more seamless to integrate with MobiKwik... This move signifies greater market penetration, diversified revenue streams, and a reaffirmed trust from regulatory bodies," he said.
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