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Financial services platform Mswipe Technologies on Tuesday said it has received an in-principal Payment Aggregator (PA) license from the Reserve Bank of India (RBI).

With this approval, Mswipe will be able to develop an in-house online payment gateway.

The PA License will allow the company to bridge the gap between merchants and customers by accepting and processing digital payments.

"MSMEs are the backbone of the Indian business ecosystem, and the PA License will enable us to provide them with simpler, affordable and integrated digital payment solutions," said Ketan Patel, the CEO of Mswipe.

Mswipe ois among the leading point of sales (PoS) solutions providers and an end-to-end digital payment enabler for MSMEs.

Mswipe said it will concentrate on expanding and reaching out to more MSMEs by offering them with all the options, including PoS terminals, QR-code payments, boombox (payment soundbox), payment gateways, and even lending solutions.

Headquartered in Mumbai, Mswipe began operations in 2011.

Its key investors include B Capital, UC-RNT, Falcon Edge Capital, Matrix Capital Partners, DSG Partners and Epiq Capital.

The central bank issued a payment aggregator framework in March 2020, stating that payment gateways will be mandated to have a license in order to acquire merchants and provide them with digital payments acceptance solutions.

Under the RBI's strict evaluation process, more than 185 fintech enterprises and startups submitted their proposals for a payment aggregator license.