The Reserve Bank of India (RBI) has granted a Certificate of Authorisation to Zaak ePayment Services Private Limited (Zaakpay), a material subsidiary of One MobiKwik Systems, to function as an online payment aggregator.
In a filing to the stock exchanges on Wednesday, MobiKwik said the approval would allow Zaakpay to expand its presence in the digital payments space.
Zaakpay joins a growing list of fintech entities receiving RBI’s authorisation under the Payment and Settlement Systems Act, 2007 — a move that enables these firms to facilitate merchant payments through online platforms.
Ahead of the announcement, shares of One MobiKwik Systems Ltd closed 2.96% lower at ₹252.45 on the BSE, down ₹7.70 from the previous close.
Also read: Mobikwik CEO wants regulators to show more love to Indian fintech
The company stated the development would help its subsidiary pursue business growth within the regulated framework for payment aggregators.
(Edited by : Sheersh Kapoor)
