MobiKwik shares jump after RBI approval gives fintech business a major boost
Mumbai/IBNS, May 26 -- Shares of One MobiKwik Systems rallied sharply after the company secured a key regulatory approval from the Reserve Bank of India, media reports said.
What the approval means
The approval allows MobiKwik's payment gateway business to officially onboard merchants and process digital transactions under the RBI's regulatory framework.
Payment aggregators act as intermediaries that enable businesses to accept online payments through multiple methods such as UPI, debit and credit cards, net banking and digital wallets.
Boost for MobiKwik's fintech business
The development is being viewed as a major boost for MobiKwik as it strengthens the company's position in India's highly competitive digital payments ecosystem.
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