By Leandra Monteiro
- Digital payments
- Instant payments
The Reserve Bank of India (RBI) has granted Mswipe Technologies, India’s leading Point-of-Sale (PoS) solution provider and end-to-end digital payment facilitator for MSMEs, a master payment aggregator license ( PA).
Instead of previously outsourcing the settlement of their transactions to partner companies, Mswipe will now be able to develop an internal online payment gateway. The PA license will allow the company to bridge the gap between merchants and customers by accepting and processing digital payments.
As a result, Mswipe will have the opportunity to grow as a comprehensive payment company and lead both offline and online payment ecosystems. Obtaining a PA license will allow the company to develop new products and innovate processes, allowing them to make life easier. for traders. In addition to being profitable, the PA license will serve as a catalyst for Mswipe’s growth by providing the fuel needed to expand its reach, offer in-house online and offline solutions to merchants, and further Mswipe’s goal of being a bank for merchants. .
commenting on the news, Ketan Patel, CEO of Mswipe Technologies said, “With obtaining the primary approval for the Payment Aggregator License, we aim to make life easier for merchants across the country. MSMEs are the backbone of the Indian commerce ecosystem, and the PA license will enable us to provide them with simpler, affordable and integrated digital payment solutions. Our goal at Mswipe is to be the one stop shop and provide merchants with a host of services that help them on their digital transformation journey.
In addition to providing its current merchant ecosystem with the ability to use the payment gateway, Mswipe will now focus on expanding and reaching more MSMEs by providing them with all options, including terminals PoS, QR code payments, boombox (payment soundbox), payment gateways and even lending solutions.
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