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MobiKwik’s subsidiary, Zaakpay ePayment Services, has received approval from the RBI to operate as an online payment aggregator.
This will help MobiKwik strengthen its presence in digital payments by enabling its subsidiary to handle online transactions for merchants across India.
Earlier this month, MobiKwik also launched a new fully owned company—Mobikwik Financial Services Private Limited (MFSPL)—to enter the non-banking financial company (NBFC) space.
The company shared in a stock exchange filing on April 23 that it has set up a new entity, approved by the Ministry of Corporate Affairs. Based in Gurugram, the fintech firm said the new unit will offer various financial services under the NBFC model, such as leasing, hire purchase, and financing of equipment, vehicles, property, and more.
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In March, the company also launched Mobikwik Securities Broking Private Limited (MSBPL), a fully owned subsidiary, marking its entry into the brokerage space. This step aims to grow its financial services beyond just digital payments and lending.
MobiKwik launched Zaakpay in 2011 as a payment gateway to help businesses handle digital transactions. The company says its platform supports over 100 payment options, including credit and debit cards, net banking and UPI.
Zaakpay has now received official approval from the RBI under the Payment and Settlement Systems Act 2007, allowing it to act as a middleman between customers and merchants.
It's important to know that non-banking companies must get RBI approval to operate as a payment aggregator. Zaakpay had received in-principle approval for this in October 2023.
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