Mobikwik shares jump 8% as firm secures RBI approval for offline payment aggregator license

One Mobikwik Systems shares rallied 8% to touch an intraday high of ₹205.70 apiece on Tuesday, May 26, after the fintech company said it has received an in-principle approval for its Payment Aggregator—Physical (PA-P) licence from the Reserve Bank of India.

The licence strengthens Mobikwik’s ability to build compliant, secure and scalable payment acceptance infrastructure for offline commerce in partnership with banks. The group had also received the Payment Aggregator—Online (PA-O) licence through its subsidiary Zaakpay approximately a year ago, strengthening its omnichannel merchant payments capabilities across both online and offline commerce.

Currently, MobiKwik supports a network of 4.9 million merchants through offerings like UPI QR, Soundbox and EDC machines. The company has identified small businesses, oil & gas outlets, and organised retail as its three strategic focus segments over the next 18-24 months, with an ambition to materially expand its market share across each.

It aims to significantly ramp up Soundbox and EDC deployments to meet its stated goal of 10x growth in merchant business by FY28.

According to a Redseer report, the offline merchant payments represent a large and under-penetrated opportunity in India, with industry estimates pegging the merchant payments GMV opportunity at $1.8-2 trillion by FY28. Unlike consumer payments that largely operate on zero-MDR rails, offline acquiring offers stronger MDR opportunity, subscription and device rental economics, while also facing relatively lower competitive intensity.

MobiKwik said this business creates long-term monetisation opportunities through merchant engagement and utilising transaction data to enable merchant credit distribution. The approval marks an important milestone in MobiKwik’s evolution as a full-stack fintech platform serving consumers and merchants through payments and financial services, it added.

Commenting on the development, Bipin Preet Singh, Co-founder, MD & CEO, said: “Offline merchant payments are emerging as one of the strongest growth drivers within India’s digital economy, particularly across under-penetrated markets beyond urban India. This PA-P approval strengthens our ability to scale merchant payments infrastructure across the country and sets us up for 10x growth in merchant business by FY28.”

Other details

In April, One MobiKwik Systems had received the RBI's approval for the group's non-banking financial company (NBFC) licence.

The fintech platform had reported its earnings for the fourth quarter of the 2025-26 financial year (Q4 FY26), posting a consolidated net profit of ₹4.38 crore. The firm had logged a net loss of ₹56.03 crore in the year-ago period.

The firm's revenue from operations surged by 7.81% year-on-year (YoY) to ₹288.71 crore during the quarter under review, compared to ₹267.78 crore in the March quarter of the 2024-25 fiscal year (Q4 FY25).

One Mobikwik Systems share price

At 1:12 PM, Mobikwik shares were trading at ₹202.13 apiece on the National Stock Exchange, rising 5.74%.

Over a month’s time, the stock has slipped 10%, while it has tumbled 15% in the last six months. From the beginning of the year, shares of MobiKwik have lost 12%.

Shares of the firm had hit a 52-week high of ₹334 on September 8, 2025, and a 52-week low of ₹151.46 on March 30, 2026.

The company has a total market capitalisation of ₹1,595.23 crore, according to data on the NSE.