Zaakpay, the secure payment gateway arm of MobiKwik, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator. This authorisation will allow Zaakpay to onboard new merchants onto its platform, facilitating quick and easy processing of online payments.
The platform collaborates with various brands in e-commerce, mobility, and bill payments, offering over 100 different payment methods including UPI, debit and credit cards, net banking, and mobile wallets. Zaakpay also ensures security through multiple encryption levels, system-level firewalls, and compliance with standards such as PCI DSS, PA DSS, Tokenisation, and security standards issued by regulators and network operators.
According to the company release, the digital platform supports businesses by allowing them to “participate in digital marketplaces and reach consumers across the country while sitting in the most remote regions.”
Upasana Taku, Chairperson, Co-founder & COO of MobiKwik, said, “We are happy to welcome new merchants onto the Zaakpay platform and offer them a safe and user-friendly payment gateway. The opportunity to support more businesses inspires us to continuously enhance the capabilities of our platform. This development reinforces our commitment to further develop MobiKwik into a comprehensive digital banking services platform.”
According to a report by MoneyControl, Mobikwik had initially applied for the payment aggregator licence in 2021. At the time, the RBI rejected this, leading to re-application by the company in October 2022.
Mobikwik reported a second consecutive quarter of profit, clocking Rs 5 crore in profit after tax (PAT) in the second quarter of the ongoing financial year, as compared to Rs 3 crore in the previous quarter. The company has clocked in a total OAT of Rs 8 crore in the first half of the financial year.