MobiKwik Secures RBI Nod for Offline Payment Aggregator Business Expansion

An in-principle clearance to operate as a payment aggregator-physical (PA-P) licence has been granted to listed fintech company MobiKwik by the Reserve Bank of India (RBI). With the licence in hand, MobiKwik may go forward with plans to expand into the offline merchant industry. The company stated that the PA-P licence enhances its capacity to collaborate with banks to provide a safe, scalable, and compliant payment acceptance infrastructure for offline commerce.

Offline merchant payments are quickly becoming a major growth engine in India's digital economy, according to Bipin Preet Singh, cofounder, managing director, and CEO. This is especially true in underserved markets outside of India's major cities. With PA-P's stamp of approval, the firm can expand its merchant payments infrastructure nationwide and expect its merchant business to increase by a factor of ten by FY28.

Recent Developments at MobiKwik

This is the second major regulatory clearance the MobiKwik has received in as many weeks, following the most recent one. The digital firm received the NBFC licence in April from the bank. Thanks to the licence, MobiKwik was able to enter the credit area. When it comes to PA, MobiKwik's Zaakpay subsidiary was approved to run an online payment aggregator by the RBI, which will help it grow its payment aggregation operation. Although MobiKwik has recently received important regulatory approvals, the company has also been under scrutiny for other goods. The fintech company and its lending partner Lendbox were both named in two FIRs filed last week by the Bengaluru Police. The charges include investor fraud and misuse of funds using the company's P2P lending platform, Mobikwik Xtra.

Clarification from MobiKwik

On 25 May, the financial technology firm clarified the Bengaluru Police's decision to file first information reports (FIRs) against MobiKwik and Lendbox in relation to the purported restriction of client withdrawals on the peer-to-peer lending platform MobiKwik Xtra.

In a statement, MobiKwik made it clear that all it did was distribute Lendbox's peer-to-peer lending platform. But it also said that clients were notified about the P2P lending product changes that the RBI had ordered (in August 2025). Financially, MobiKwik turned a profit of INR 4.4 Cr in the fourth quarter of FY26, up from a loss of INR 56 Cr in the same time last year. The operating revenue increased by 7.8% to INR 288.7 crore in the reviewed quarter, up from INR 267.8 cr in the same quarter of FY25.