One Mobikwik Systems Limited has informed the Exchange regarding a press release dated May 26, 2026, titled "MobiKwik Secures RBI Approval for Offline PA license Targets 10X growth in Merchant Business".
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On the reaction day the stock moved 3.4 pts more than Nifty Microcap 250 and 2.8 pts more than its Financial Technology (Fintech) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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MobiKwik has received an in-principle approval from RBI for a Payment Aggregator - Physical (PA-P) license, enabling the company to expand its offline merchant payments business. The company already supports 4.9 million merchants through UPI QR, Soundbox, and EDC machines. MobiKwik plans to target small businesses, oil & gas outlets, and organised retail as key focus segments over the next 18-24 months, aiming for 10x growth in merchant business by FY28. The license strengthens the company's full-stack fintech capabilities, adding to its existing PA-O license through subsidiary Zaakpay. The offline merchant payments market is estimated to reach USD 1.8-2 trillion in GMV by FY28.
Positive for shareholders — the RBI PA-P license removes a regulatory barrier and positions MobiKwik to tap a large, underpenetrated offline payments opportunity with better MDR economics, supporting long-term revenue growth.