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RBI Grants In-Principle Authorization for MSwipe

CIO Insider Team | Wednesday, 10 August, 2022
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The Reserve Bank of India (RBI) has granted ‘in-principle’ authorization for MSwipe to conduct business as a payment aggregator.

The company is in contact with the regulator to obtain a prepaid payment instrument (PPI) license, which it has also applied for.

The payment company has been given permission by the banking authorities to function as a payment aggregator, joining other companies including Razorpay, Pine Labs, Innoviti Payment Solutions, and Stripe.

On our network, the company has 500,000 brick-and-mortar merchants and about 700 enterprises. With the license, its PG will be tested initially with an established merchant base before being introduced to new clients after three months. It will become a full payment stack after the PG stack is added.

Mswipe, which was founded in 2011, offers payment solutions, such as point-of-sale hardware, Unified Payments Interface (UPI) quick response codes, and payment links, to assist offline merchants in accepting online payments.

By the end of this fiscal year, the company hopes to launch in Singapore, Indonesia, the UAE, Sri Lanka, South Africa, and other new overseas markets it is exploring this year

Along with providing loans and store and inventory management services, it also supports offline retailers.

Patel stated that Mswipe's PG product will be aimed at the mid-segment firms with a revenue of Rs 100 crore to Rs 200 crore since it increases competition against established players like Razorpay.

With the PPI license, according to Patel, the business will try to provide a PPI card to allow merchants to get their settlements and use it at other retail sites. These cards can also be recharged by merchants.

By the end of the current fiscal year, MSwipe hopes to expand this up to $ 6 billion in annualized total payment value (TPV), up from its current processing volume of roughly $4 billion. With a Rs 70 crore active loan book, it also offers loans to businesses.

By the end of this fiscal year, the company hopes to launch in Singapore, Indonesia, the UAE, Sri Lanka, South Africa, and other new overseas markets it is exploring this year.

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