India, May 26 -- Listed fintech major MobiKwik has received the Reserve Bank of India's (RBI) an in-principle approval to operate as a payment aggregator-physical (PA-P) licence.

Upon final approval of the licence, MobiKwik can pursue business expansion in offline merchant business.

In a statement, the company said that the PA-P licence strengthens its company's ability to build compliant, secure and scalable payment acceptance infrastructure for offline commerce in partnership with banks.

"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 infr...