Synopsis: One MobiKwik Systems Limited received RBI’s in-principle PA-P license approval and aims for 10 times growth in the offline merchant payments business by FY28 through expansion initiatives.
This Small-Cap Stock, engaged in providing digital payment solutions, mobile wallets, merchant services, lending, and financial technology services across India, jumped 7.50 percent after receiving RBI approval for a PA-P license, targeting 10x merchant business growth by FY28.
With a market capitalization of Rs. 1,590.74 crores, the share of One Mobikwik Systems Limited has reached an intraday high of Rs. 205.60 per equity share, rising nearly 7.50 percent from its previous day’s close price of Rs. 191.25. Since then, the stock has retreated and is currently trading at Rs. 202.05 per equity share.
Reason Behind the Surge:
One MobiKwik Systems Limited has received in-principle approval from the Reserve Bank of India for its Payment Aggregator-Physical (PA-P) license. This approval will help the company strengthen its offline merchant payment business and expand its digital payment services across India. The company said this marks an important step in building a stronger fintech platform for both consumers and merchants.
MobiKwik currently serves around 4.9 million merchants through products such as UPI QR codes, Soundbox devices, and EDC machines. Over the next 18 to 24 months, the company plans to focus on small businesses, oil & gas outlets, and organised retail stores. It is also aiming for 10 times growth in its merchant business by FY28 through wider deployment of payment devices.
India’s offline merchant payments market is estimated to reach nearly USD 1.8 trillion to USD 2 trillion GMV by FY28. MobiKwik believes this segment offers strong revenue opportunities through merchant fees, subscriptions, and device rentals with relatively lower competition compared to online payments.
The PA-P approval also strengthens the company’s regulatory position and supports secure, scalable payment infrastructure development. Earlier, its subsidiary Zaakpay had also received the Payment Aggregator-Online (PA-O) license, improving MobiKwik’s presence across both online and offline payment ecosystems.
Management Commentary:
Bipin Preet Singh, Co-founder, MD & CEO, said, “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 payment infrastructure across the country and sets us up for 10x growth in merchant business by FY28. We are grateful to the RBI for the approval and reposing its faith in us. We remain focused on building secure, scalable and technology-led solutions that help merchants participate more effectively in India’s growing digital economy.”
Company Overview:
One MobiKwik Systems Limited (branded as MobiKwik) was established in 2008 and is an Indian fintech and digital payments company offering a mobile wallet, UPI payments, Buy Now Pay Later (BNPL) and a range of consumer credit and investment products. It operates a two-sided digital payments network connecting millions of consumers and merchants across India.
Recent Quarter Results:
Coming into financial highlights, One Mobikwik Systems Limited’s revenue has increased from Rs. 267.78 crore in Q4 FY25 to Rs. 288.71 crore in Q4 FY26, which has grown by 7.82 percent. The net profit has shifted from negative to positive, from a net loss of Rs. 56.04 crore in Q4 FY25 to a net profit of Rs. 4.38 crore in Q4 FY26.
One Mobikwik Systems Limited’s revenue has grown at a CAGR of 31.1 percent over the last five years. In terms of return ratios, the company’s ROCE and ROE stand at -2.24 percent and -8.26 percent, respectively. One Mobikwik Systems Limited has an earnings per share (EPS) of Rs. -7.89, and its debt-to-equity ratio is 0.51x.
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