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One MobiKwik Systems Secures RBI Approval for Offline Payment Aggregator License; Shares Up 6%

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One MobiKwik Systems (NSE:MOBIKWIK, BOM:544305) said it has received in-principle approval from the Reserve Bank of India for a Payment Aggregator-Physical (PA-P) license, according to an Indian bourse filing on Tuesday.

The approval will allow the company to expand its offline merchant payments business across India, the filing said. MobiKwik currently serves 4.9 million merchants through products including UPI QR, soundbox and EDC machines, it added.

The company said it will focus on small businesses, fuel outlets and organized retail over the next 18-24 months as it looks to increase market share in offline merchant payments.

Shares of the digital payments company jumped over 6% in recent trade.

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