MobiKwik
MobiKwik shares jump after RBI approval gives fintech business a major boost
Mumbai/IBNS: Shares of One MobiKwik Systems rallied sharply after the company secured a key regulatory approval from the Reserve Bank of India, media reports said.
The stock surged nearly 8 percent after MobiKwik received in-principle approval to operate as a Payment Aggregator-Physical (PA-P) under the Payment and Settlement Systems Act, 2007.
What the approval means
The approval allows MobiKwik’s payment gateway business to officially onboard merchants and process digital transactions under the RBI’s regulatory framework.
Payment aggregators act as intermediaries that enable businesses to accept online payments through multiple methods such as UPI, debit and credit cards, net banking and digital wallets.
Boost for MobiKwik’s fintech business
The development is being viewed as a major boost for MobiKwik as it strengthens the company’s position in India’s highly competitive digital payments ecosystem.
Analysts believe the RBI nod could improve the company’s credibility among merchants, partners and investors while helping expand its payments infrastructure business.
The approval also places MobiKwik alongside other major fintech firms that have secured similar licences amid tighter regulatory scrutiny in India’s digital payments sector.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
