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RBI approves payment aggregator's licence to Mswipe technologies

Published on August 10, 2022
Current Context: Mswipe technologies get in-principle approval from the Reserve Bank of India(RBI) for a Payment Aggregator (PA) license.
RBI approves payment aggregator's licence to Mswipe technologies
  • Mswipe is a company that provides a point of sales (PoS) solutions and digital payment services. A payment aggregator (PA) is a third party responsible for managing and processing a merchant's online transactions.
  • With a PA license, Mswipe can develop an in-house online payment gateway, moving away from outsourcing transaction settlements.
  • Mswipe will now expand its business and reach out to more MSMEs by offering them PoS terminals, QR-code payments, boombox(payment soundbox), payment gateway, and lending solutions.
  • RBI has already granted in-principle approval for PA license to Razorpay, Pine Labs, Stripe, 1Pay, and Innoviti Payments. RBI last month has allowed another window for PAs existing as of March 2020 to apply for licences. PA should have a minimum net worth of Rs 15 cr as of March 31, 2022, and can apply for a licence by September 30, 2022.
  • RBI in 2020 issued guidelines that only those firms approved by RBI could acquire and offer payment services. Banks do not need separate approval but nonbank entities offering payment aggregator services have to apply for authentication.
  • Static Knowledge:
    • RBI governor - Shaktikanta Das
    • RBI headquarters - Mumbai
    • RBI was formed - on 1 April 1935

Question: 

Q.1 Which payment service company got in-principle approval from RBI for a payment aggregator licence?
a. PayUmoney
b. Paytm
c. Mswipe
d. EBS

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