← Embedded Finance Index 2026

Zaakpay

“Can MobiKwik's payment gateway capture India's SMB and startup acceptance market against entrenched players like Razorpay and PayU?”

HQIndia
IndustryInfrastructure / Payments

The story

Zaakpay is the payment gateway arm of MobiKwik, India's listed digital wallet and fintech group. It serves merchants with card, UPI, netbanking, wallet, EMI, and BNPL acceptance, and operates as an online payment aggregator under RBI authorization. Recent expansion has been into recurring payments (UPI AutoPay / eNach / eMandate), payment links, and EMI/BNPL — positioning it as a full-stack Indian PG competitor to Razorpay and PayU.

Last 12 months

2025

RBI approval to operate as Online Payment Aggregator

Product timeline

2025

Zaakpay (MobiKwik) received RBI approval to operate as an Online Payment Aggregator.· regulatory

Regulated entities

regulatory licence held by Zaakpay

Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.

The stack

4 layers disclosed in Zaakpay’s embedded-finance stack

Payments / PSP

Zaakpay (self-operated)

Money movement

in the full report

Lending

in the full report

Accounting

in the full report

Accounting gap: significant

5 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Zaakpay — frequently asked

Who is Zaakpay's payment processor?

Zaakpay processes payments through Zaakpay (self-operated). Disclosed money-movement rails: UPI.

Which accounting software does Zaakpay integrate with?

Zaakpay integrates with Shopify, WooCommerce and WhatsApp.

What is Zaakpay's embedded finance stack?

The Embedded Finance Index 2026 maps 4 layers in Zaakpay's stack: Payments / PSP (Zaakpay (self-operated)); Money movement (UPI); Lending (ZaakFlexi (EMI/BNPL at checkout)); Accounting (Shopify, WooCommerce and WhatsApp).

Where is Zaakpay headquartered?

Zaakpay is headquartered in India.

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