Reserve Bank of India grants in-principle authorisation to ‘Zaakpay’ to act as online payment aggregator

Gurugram, October 26, 2023.

Zaakpay, a reliable and secure payment gateway arm of MobiKwik, has received in-principle authorisation from the Reserve Bank of India (RBI)to operate as a payment aggregator. RBI’s in-principle authorisation will enable Zaakpay to onboard new merchants onto its platformfor quick and easy processing of online payments.

Zaakpay operates and works with leading brands across sectors such ase-commerce, mobility,bill Payments and more. Zaakpay is a trusted payment gateway partner for multiple merchants and offers 100+ different payment methods across UPI, Debit andCredit cards, Net Banking, and mobile wallets options.

Zaakpay offers multiple levels of encryption, system-level firewalls and aims to abide by all PAPG compliancessuch as PCI DSS, PA DSS, Tokenisation and Security standards issued by the regulator and network operators.

Upasana Taku, Chairperson, Co-founder & COO of MobiKwik, said, “The digital realm presents small to medium businesses with the opportunity to participate in digital marketplaces and reach consumers across the countrywhile sitting in the most remote regions. We are happy to welcome new merchants onto the Zaakpay platform and offer them a safe and user-friendly payment gateway. The opportunity to support more businesses inspires us to continuously enhance the capabilities of our platform. This development reinforces our commitment to further develop MobiKwik into a comprehensive digital banking services platform.”

Zaakpay is powered by developer-friendly APIs that quickly integrate with digital storefronts for a hassle-free setup. The platform boasts a 99.9% system uptime to ensure smooth processing of payments for businesses experiencing high transaction volumes.