MobiKwik gets RBI approval to expand into offline merchant payments
In-principle approval for a payment aggregator-physical licence opens the door to offline merchant expansion, weeks after the fintech secured an NBFC licence.
MobiKwik has received in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator–Physical (PA-P) licence, giving the fintech firm a regulatory foothold to expand its payments business among offline merchants.
Once the final licence is granted, the company will be able to broaden its acceptance network across brick-and-mortar businesses, a segment that remains a key battleground for India's digital payments providers.
The company said the approval would strengthen its ability to build a compliant and scalable payment acceptance infrastructure for offline commerce in partnership with banks.
The clearance marks MobiKwik's second major regulatory win in recent months. In April, the company secured a non-banking financial company (NBFC) licence from the central bank, paving the way for its entry into lending and other credit-focused offerings.
Its payments ambitions have also received a boost through subsidiary Zaakpay, which previously obtained RBI approval to operate as an online payment aggregator, helping the group expand its digital payments franchise.
The latest regulatory approvals come at a time when the company is navigating heightened scrutiny over some of its financial products. Last week, Bengaluru Police registered two FIRs against MobiKwik and its lending partner Lendbox, alleging investor losses and misuse of funds linked to their peer-to-peer lending platform, MobiKwik Xtra.
MobiKwik has disputed the allegations, saying it acted only as a distribution partner for the lending product offered by Lendbox. The company added that users had been informed of changes to the platform following RBI-mandated modifications introduced in August 2025.
Despite the regulatory overhang, the company returned to profitability in the March quarter. MobiKwik reported a consolidated net profit of Rs 4.4 crore for the quarter ended March 2026, compared with a loss of Rs 56 crore a year earlier. Revenue from operations rose 7.8% year-on-year to Rs 288.7 crore.