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Looking to secure your prepaid wallet license in India? Connect with our regulatory consultants at Enterslice to take the first step towards launching your prepaid payment instrument (PPI) business in full compliance with the RBI guidelines in India.
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A prepaid wallet license, also known as a Prepaid Payment Instrument (PPI), is a license granted allowing a significant instrument to facilitate the purchase of goods and services against the stored value of such instruments. PPI, also known as pre-loaded cards or digital wallets, are used for making digital transactions. They simply serve as a reliable mode of payment that promotes transparency, versatility, and financial accountability.
Prepaid payment wallet, also termed as e-wallets has increasingly become popular as a convenient substitute for cash transactions. It enables users to transfer funds and pay for goods and services, which can be loaded through cash, bank transfers, or credit cards.
The PPIs, which is an instrument that enables users to conduct digital transactions, have emerged as an effective strategy for cashless exchange in today’s digital age. Connect with Enterslice to get expert assistance in launching and managing your digital payment solutions with ease.
100% online RBI-Compliant licensing process
Access to India’s regulatory growing digital payment markets
Enhanced customer loyalty through prepaid cards and wallet offers
Open to startups, NBFCs, corporates and aggregators
Regulatory approval from RBI for trust and credibility
Seamless integration with UPI, QR codes and payment gateways
Eligibility for fintech partnerships and government schemes
Supports multiple use cases, bill payments, transfers, and e-commerce
Connect Enterslice to obtain a PPI License, enabling you to launch and scale your digital payment brand into the booming fintech space of India.
The different types of prepaid wallets, also referred to as the old electronic wallets or e-wallets, each having unique characteristics and purposes as defined under the 2017 Regulation, are as discussed below:
A closed wallet is a type of mobile or electronic wallet designed to make payments for services provided by the issuer. This type of wallet is not capable of sending money or making payments to external service providers.
A semi-closed wallet enables users to conveniently conduct transactions at designated merchants and places. This particular wallet is restricted in terms of its coverage area. Merchants must enter into a contract or agreement with the issuer to be able to accept payments from a semi-closed wallet.
An open wallet can be a prepaid payment tool that is accepted for purchasing products and services at any location. The individuals who own these wallets can also withdraw cash from ATMs.
Mobile wallets are digital versions of physical wallets, storing payment information on mobile devices. It guarantees easy integration with multiple payment systems, ensuring contactless payment using their mobile devices.
Obtaining a prepaid wallet license registration in India involves a structured process regulated by the Reserve Bank of India. Below is a step-by-step overview that helps understand the entire procedure for obtaining a prepaid wallet license RBI in India:
Initially, the applicants must make an online application in Form A to obtain approval under Regulation 3(2) of the Payment and Settlement System Regulations, 2008, along with the prescribed government fee. We help you file an online application.
Once the application is submitted, the RBI must conduct a thorough screening process to ensure compliance with the necessary eligibility criteria, the applicant’s financial stability, customer service framework, operational efficiency, technological readiness, and data security measures.
After the RBI is satisfied with eligibility criteria and fit & proper status, the applicants obtain an in-principal approval, valid for six months from the date of approval. At Enterslice, we help you get in-principal approval.
Within 6 months, the applicants must prepare and submit an audit and system audit report (SAR) to the RBI, otherwise, automatic in-principal approval will lapse. Submitting an advance written appeal with pertinent justification, grants a single 6 months extension to the applicants
After considering all the particulars furnished by entities, the applicants obtain a final approval, allowing the issuance of a prepaid wallet license, taking into account all the information provided by the applicant
The timeline for obtaining a prepaid wallet license registration in India, which typically takes around 4 to 6 months, varies depending on the multiple regulatory and documentation checks conducted by the RBI.
It takes around 1 to 2 weeks for the preparation of documents, business model and submission of Form A to the RBI.
It takes around 3 to 6 weeks to conduct a preliminary screening to verify the completeness of documents and eligibility of the applicant.
Upon successful completion of preliminary screening, the detailed evaluation of the business model and proposed business activities takes around 7 to 12 weeks.
Upon satisfactory review, the RBI takes around 2 to 3 months to conduct a thorough inspection of the technical, safety, and cybersecurity preparedness of the applicants.
Within 1 month of the satisfaction of all evaluations conducted, the RBI ensures the granting of the prepaid wallet license, ensuring the operation of PPI issuers in India.
These are the documents required for obtaining a prepaid wallet license RBI, as mentioned below:
Name and address proof of the applicant
Address proof of the registered office of the business
Copy of certificate of incorporation and other constitutional documents
A complete report of the principal business of the entity
Details of managers and directors appointed
Appointment of statutory auditor of the company
Details of the statutory auditor of the company
Detailed business plan and project reports
The audited balance sheet of the financial year
Expected profits for the Indian financial system
The details of the proposed capital amount
Payment system details with process flow, technology, security features and interoperability
Details of bank account and bankers of the company
Any other information required by RBI (if any)
The benefits of obtaining a prepaid wallet license online, which offers budget management, safety, and ease of doing business, are as discussed below:
Obtaining a prepaid wallet license effectively promotes safe and convenient cashless transactions, reducing the risk of losing physical money in hand.
Obtaining a prepaid wallet license enables users to transfer funds digitally, resolving the common issue of not having change during transactions.
Having a prepaid wallet enables fast and instant money transfer, compared to traditional net banking, further simplifying everyday transactions in human life.
The operating cost of a prepaid wallet is typically low, which involves no activation fees, monthly charges, or annual maintenance costs, making it an affordable option for both businesses and customers.
Customers using a prepaid wallet get added benefits and incentives, including bonuses, cashback, and reward points, making digital payment not only convenient but also rewarding.
Obtaining a prepaid wallet license from the RBI significantly boosts customers' trust and confidence, positioning your brand as a credible and compliant player in the digital payment space.
Obtaining a prepaid wallet license enables platform integration with key payment systems like UPI, bank APIs, and card networks, allowing for smooth and secure digital transactions.
Obtaining a prepaid wallet license empowers businesses to offer digital payment solutions, helping them expand market reach and enhance potential revenue streams in the rapidly growing fintech ecosystem.
The eligibility criteria to obtain a prepaid wallet license online, which differ based on the country/ jurisdiction, financial regulations and requirements of local regulatory bodies, are as discussed below:
The list of top 10 industries and businesses permitted to obtain a PPI license in India are as provided below:
Top 10 Industries Permitted to Apply for PPI License
Top 10 Businesses Permitted to Apply for PPI License
Given below are the post-compliance requirements after securing a Prepaid Wallet License online-
The RBI introduced new classification for prepaid wallet licenses, determined based on the type of transactions and the level of verification required for the users.
Opting Enterslice for obtaining a prepaid e wallets license comes with numerous benefits, making the procedure more streamlined, effective, and trustworthy. Connect us to know the reasons why Enterslice offers the best services for you to help you get prepaid wallet license in India:
Have a look at the following answers to the most asked questions:
A prepaid wallet license, also known as a Prepaid Payment Instrument (PPI), is a license granted allowing a significant instrument to facilitate the purchase of goods and services against the stored value of such instruments.
A payment wallet is a compact software tool utilized for conducting transactions on the Internet. Many payment solution providers offer complimentary Wallet software that allows users to set up various payment methods.
It is mandatory to obtain clearance from the Reserve Bank of India for obtaining a Payment Wallet License.
RBI reserves the right to authorize Payment Wallet License to companies incorporated under the Companies Act, 2013.
Google Pay and Paytm can be considered the best mobile wallets in India.
Examples of a PPI wallet are PhonePe, Google Pay, Paytm and Amazon Pay.
The closed wallet is a kind of mobile or e-wallet designed to pay in part or full for the services offered by the wallet provider.
The Indian digital payments market, including mobile wallets, is projected to reach ₹315.33tn (approximately $4.21 trillion USD) by 2030, with a projected annual growth rate (CAGR) of 13.88% from 2025, propelled by the wide acceptance of digital payments and encouraging government regulations. Key players such as Paytm, PhonePe, and Gpay play a significant role in the market's growth.
Prepaid wallets make money by levying charges on sellers and customers, receiving interest on the money held by users, and collecting transaction fees for converting currencies. They also make money through ads, deals with companies, exclusive benefits, and the sale of anonymous information. These strategies ensure that prepaid cards remain financially successful while providing easy-to-use services.
The timeframe for obtaining a prepaid wallet license takes around 4 to 6 months, varies based upon the multiple regulatory and documentation checks conducted by the RBI.
The business must maintain a net worth of the amount of Rs.15 Crores every financial year depending upon the date of final authorisation. As per the recent amendment, the new applicant should have 15 Crore NOF must be attained by 31st March, 2023 if authorised on 1st March 2021. A net worth of Rs.15 Crores must be attained by 31st March, 2024 if authorised on 31st March, 2024.
The entities eligible to obtain a PPI license in India must have a minimum positive net worth of Rs. 15 crores at all times. However, it can be either a banking or non-banking institution, provided they meet the specific criteria as specified by the RBI.
No, UPI which stands for Unified Payment Interface which can be used with a prepaid wallet is only a real-time payment system used for instant bank-to-bank transfers between bank accounts using a mobile device.
In India, the Reserve Bank of India (RBI) is the primary regulatory authority responsible for regulating e-wallets, also known as prepaid payment instruments in India.
The benefits of obtaining a PPI license are as discussed below:
Yes, Paytm is a type of semi-closed prepaid payment instrument (PPI) that functions as a digital wallet or prepaid card, allowing users to make payments through multiple methods, including UPI.
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Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
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