A Prepaid Wallet License is an RBI authorization that allows a business to issue and operate prepaid payment instruments, commonly known as PPIs. These may include digital wallets, prepaid cards, dining cards, gift certificates, and any other stored value payment products.
In the framework of the Reserve Bank of India (RBI), PPIs may be used for payments, merchant transactions, purchase of goods and services, financial services, and remittance facilities as is appropriate.
This license provides a framework for your fintech business that holds customer value and at the same time enables digital payments in a compliant way.
Companies that are into digital wallets, prepaid cards, or payment apps.
Founders have developed stored value payment solutions for users.
Marketplaces that have wallet-based refunds, credits, or payments.
Companies that issue employee cards, benefit wallets, or expense tools.
Platforms that process fare payments, utility payments, or merchant transactions.
Financial businesses expanding into regulated digital payment services.
| Requirement | What it Means |
|---|---|
| Indian Company | The applicant should be incorporated in India under the Companies Act. |
| MOA Activity | The MOA should clearly cover issuance and operation of PPIs. |
| Net Worth | The company must meet the prescribed minimum positive net-worth requirement. |
| CA Certificate | A Chartered Accountant certificate is needed to confirm net worth. |
| Fit and Proper Directors | Promoters and directors should have a clean and credible profile. |
| FDI Compliance | Foreign investment, if any, should follow applicable FDI rules. |
| Technology Readiness | The wallet platform should have strong IT, security, and audit controls. |
| Compliance Framework | KYC, AML, grievance redressal, and customer protection systems should be ready. |
| After NBFC Advisory | Before NBFC Advisory |
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