Mumbai: The Reserve Bank of India (RBI) has authorised Zaakpay, a wholly owned subsidiary of fintech firm MobiKwik, to operate as an online payment aggregator under the Payment and Settlement Systems Act, 2007.
The final approval from the central bank allows Zaakpay to directly onboard merchants and handle payment transactions on their behalf. The certification marks a significant step for MobiKwik’s business-to-business (B2B) expansion, particularly in the digital payments segment.
This development comes at a time when the RBI continues to tighten regulatory oversight on payment intermediaries to enhance consumer protection and payment system stability. The license allows Zaakpay to provide payment gateway services, including card-based, UPI, and EMI-based transactions.
Zaakpay has been operating in the B2B payments space and currently serves clients across sectors such as transit, e-commerce, healthcare, digital lending, and bill payments. Over the past year, it introduced multiple features aimed at enterprise merchants. These include Instant Daily Settlements, Affordability solutions such as card EMIs at checkout, and Conversational Commerce via WhatsApp for Business, developed in partnership with Meta for select sectors. These features aim to address specific pain points in digital payments faced by businesses, such as settlement delays and limited EMI options for consumers.
With this approval, Zaakpay joins a growing list of fintech players that have secured RBI’s nod to operate as payment aggregators, a process that has become increasingly stringent since the RBI’s 2020 guidelines on regulating such entities.
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