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The Reserve Bank of India may reject fintech businesses' applications for payment aggregator licences since some of them are linked to cryptocurrency exchanges and gaming apps. This would be a huge setback for fintech companies hoping to secure their payment aggregator licence.
According to the Economic Times, online payment businesses such as MobiKwik and Cashfree may attract RBI scrutiny as a result of some of these fintech firms' connections with cryptocurrency exchanges and gaming applications.
According to a source close to the situation, the RBI is plainly against payment aggregators collaborating with cryptocurrency firms or gaming applications that have previously been accused of serving as a conduit for money laundering.
"The RBI does not like payment providers fuelling the cryptocurrency business in any way, shape, or form, whether it's through trading or by giving their platform for other uses." The RBI is also keeping track of how these payment platforms adhere to KYC regulations, with even the tiniest risk resulting in rejections. This time, there is no room for discussion," the source stated.
Furthermore, the central bank has decided to revoke ZaakPay's payment aggregator licence, as well as MobiKwik's payment gateway service, due to its crypto partnerships and failure to fulfil the set net-worth threshold.
Fintech firm MobiKwik on 18th january'22 said it has collaborated with National Payments Corporation of India (NPCI) Bharat BillPay to launch ClickPay for its customers.
ClickPay is a two-step payment feature wherein the billers generate a unique payment link within the bill-pay message and send it to the customer allowing them to make payments directly on the payment page. Through ClickPay, MobiKwik customers will be able to pay recurring online bills, such as mobile, gas, water, electricity, DTH, insurance and loan EMIs with ease by eliminating the need to remember individual bill details and due dates.
Mobikwik has received an investment proposal from Bennett, Coleman and Company Limited (“Offeree”) to invest an aggregate amount of Rs. 1,00,00,00,936/- in the company by way of subscription to 8,83,159 Equity Shares of the company. The company proposes to offer, issue and
allot 8,83,159 Equity Shares having face value of Rs. 2/- at a premium of Rs. 1,130.30/- aggregating to Rs.1,00,00,00,936/- on a preferential basis for cash.
The Company has obtained the approval of the Board of Directors for offer and issue of 8,83,159 Equity Shares, at itsMeeting held on December 07, 2021.