RBI Approves MobiKwik's Zaakpay To Operate As Payment Aggregator
The Reserve Bank of India (RBI) has granted in-principle authorization to Zaakpay, the secure payment gateway arm of MobiKwik to operate as a payment aggregator. This authorization paves the way for Zaakpay to onboard new merchants onto its platform, facilitating quick and easy processing of online payments.
Zaakpay offers over 100 different payment methods, including UPI, debit and credit cards, net banking, and mobile wallets, catering to the evolving needs of consumers and businesses alike. Zaakpay collaborates with various brands in e-commerce, mobility, and bill payments, making it a versatile solution for businesses across multiple sectors
Zaakpay places a paramount emphasis on the security of online transactions. Zaakpay ensures the safety and privacy of users’ financial information through multiple layers of encryption, system-level firewalls, and stringent compliance with global standards.
Zaakpay’s security measures includes adherence to security standards such as PCI DSS (Payment Card Industry Data Security Standard), PA DSS (Payment Application Data Security Standard), Tokenization, and security standards issued by regulators and network operators. The robust security measures in place provide peace of mind to both businesses and customers, fostering trust in the platform.
Zaakpay serves as a catalyst for businesses, enabling them to participate in digital marketplaces and reach consumers across the country while sitting in the most remote regions. This is a significant advantage, especially for small and medium-sized enterprises (SMEs) and businesses looking to expand their reach in the digital realm. The ease of onboarding and the plethora of payment methods offered by Zaakpay make it an attractive option for businesses seeking to tap into the vast and growing digital consumer base in India.
In the second quarter of the ongoing financial year, MobiKwik recorded a profit after tax (PAT) of Rs 5 crore, compared to Rs 3 crore in the previous quarter. The company’s consistent profitability underscores the growth and sustainability of digital payment solutions in India. In the first half of the financial year, MobiKwik achieved a total PAT of Rs 8 crore, a testament to its financial stability and resilience in a competitive market.
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