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
Product timeline
2025
Zaakpay (MobiKwik) received RBI approval to operate as an Online Payment Aggregator.· regulatory
Regulated entities
1
regulatory licence held by Zaakpay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Zaakpay’s embedded-finance stack
Payments / PSP
Zaakpay (self-operated)
Lending
in the full report
Accounting
in the full report
Accounting gap: significant
4 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.