Regulatory Approval and Business Impact

One MobiKwik Systems Limited has received in-principle approval for its Payment Aggregator - Physical (PA-P) license from the Reserve Bank of India (RBI). This approval enables the company to deepen its offline merchant payments business across India and represents an important milestone in MobiKwik's evolution as a full-stack fintech platform.

Current Merchant Network and Strategic Focus

The company currently supports a network of 4.9 million merchants through offerings including UPI QR, Soundbox, and EDC machines. MobiKwik has identified three strategic focus segments for the next 18-24 months:

  • Small businesses
  • Oil & gas outlets
  • Organized retail

The company aims to materially expand its market share across each of these segments.

Growth Targets and Expansion Plans

MobiKwik has set an ambitious target of achieving 10x growth in its merchant business by FY28. To meet this goal, the company plans to significantly ramp up Soundbox and EDC deployments across its merchant network.

Market Opportunity Analysis

Offline merchant payments represent a large and under-penetrated opportunity in India, with industry estimates pegging the merchant payments GMV opportunity at USD 1.8-2 trillion by FY28 (Source: Redseer). The company highlights that unlike consumer payments that largely operate on zero-MDR rails, offline acquiring offers:

  • Stronger MDR opportunity
  • Subscription and device rental economics
  • Relatively lower competitive intensity

Long-term Monetization Strategy

MobiKwik believes this business creates long-term monetization opportunities through:

  • Merchant engagement
  • Utilizing transaction data to enable merchant credit distribution

The PA-P license provides the right foundation for consistent, long-term business compounding and strengthens the company's ability to build compliant, secure, and scalable payment acceptance infrastructure for offline commerce in partnership with banks.

Omnichannel Capabilities

The Group had previously received the Payment Aggregator - Online (PA-O) license through its subsidiary Zaakpay approximately a year ago, which strengthens its omnichannel merchant payments capabilities across both online and offline commerce.

Management Commentary

Bipin Preet Singh, Co-founder, MD & CEO, commented: "Offline merchant payments are emerging as one of the strongest growth drivers within India's digital economy, particularly across under-penetrated markets beyond urban India. This PA-P approval strengthens our ability to scale merchant payments infrastructure across the country and sets us up for 10x growth in merchant business by FY28. We are grateful to the RBI for the approval and reposing its faith in us. We remain focused on building secure, scalable and technology-led solutions that help merchants participate more effectively in India's growing digital economy."

Company Background

One MobiKwik Systems Ltd. is India's largest digital wallet that offers a wide range of payments and financial products to both consumers and merchants. Founded by Bipin Preet Singh and Upasana Taku in 2009, the company today offers various payment products including:

  • MobiKwik Wallet
  • UPI
  • Pocket UPI
  • Zaakpay (payment gateway)

The company serves 189 million+ registered users and 4.8 million+ merchants, and has expanded into distribution of financial products ranging from credit (ZIP EMI, MCA) and savings & investment products (Fixed Deposits, Mutual Funds, Digital Gold, Lens.AI) on its platform.

According to RedSeer Report, as of Fiscal 2023, MobiKwik had the fourth-highest user base in India in terms of total registered users on the platform. The company is the largest digital wallet in India with a 20% market share of the PPI wallet gross transaction value (GTV) as of March 2026.