• 1800-4198-402
  • + 91-9820907711

Prepaid Payment License

Prepaid Payment License

Prepaid Payment Instruments, otherwise called PPIs, works as a payment instruments which encourages the products and ventures transactions directed by the shopper, including financial administrations, settlement offices and so forth against the worth put away on such instruments. The Prepaid Wallet License has risen as a brilliant and helpful strategy for starting cashless exchange in the ongoing occasions where the nation has encountered a ton of money crunch. It is a successful mode of payment that supports transparency, versatility and responsibility.

Prepaid Wallet Company Registration

Advice on Wallet Type (Open, Closed & Semi-Closed)

Prepaid Wallets IT Planning

Assistance in filing application

IT Infra planning

Assistance in PCI DSS Compliance

Advisory on use of AI

What is Payment Wallet/Prepaid Wallet Instruments?

Prepaid Payment Instruments are payment instruments that facilitate the purchase of goods and services against the stored value on such instruments. The value fixed on such instruments represents the value paid by the holder by way of cash, debit to bank account or by credit card.

The prepaid instruments can be issued as
  • Smart cards,
  • Magnetic stripe cards,
  • Internet accounts,
  • Internet wallets,
  • Mobile Accounts,
  • Mobile Wallets,
  • Paper Vouchers
  • Any such instrument which can be used to access the prepaid amount.

Classification of Prepaid Payment License

What are the Requirements for obtaining a Prepaid Wallet License/ Payment Wallet License??

The activities permitted include:
  • The Net worth shall consist of the following items
    • Paid-up Equity capital;
    • Preference shares;
    • Free Reserves;
    • Share premium account; and
    • Capital reserves representing surplus.
  • The Banks and RBIs need to obtain approval from the supervisory Department of RBI and NBFCs.
  • Any existing entity who has the permission to issue prepaid instrument and also has obtained a license from RBI according to the past capital requirement needs to increase their net worth as per the guidelines before September 30 , 2020
  • Companies getting registration as per the Companies Act, 2013 have to obtain a license from the RBI.
  • The object clause of the Memorandum of Association shall allow the company to undertake the activities of the issuer of payment instruments.

Documents Required for Obtaining Prepaid Wallet License

  • Name of the applicant
  • Constitution of the applicant
  • Address proof of registered office
  • Certificate of Incorporation
  • Main business of the company
  • Management Information
  • Statutory auditor of Company
  • Audited balance sheet
  • Name and address of bankers of Company
  • Any other documents as may be required

How to reach Finlaw for Payment Bank License