What is a PPI License?
Prepaid Payment Instruments (PPIs) are goods or instruments that facilitate the purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments. Examples include mobile wallets, prepaid cards, and vouchers.
To operate a payment wallet business in India, entities must obtain authorization from the RBI under the Payment and Settlement Systems Act, 2007.
Types of PPIs
Closed System PPIs
Issued by an entity to facilitate purchase of goods/services from itself (e.g., Amazon Pay balance for Amazon only). No license required.
Semi-Closed System PPIs
Used at a group of clearly identified merchant locations/establishments (e.g., Paytm, Mobikwik). Requires RBI license.
Open System PPIs
Issued by banks, can be used for cash withdrawal and at any merchant (e.g., Debit Cards). Requires Bank license.
Pre-Requisites
- Company Type: Must be a company incorporated in India.
- Net Worth: Minimum positive net worth of ₹5 Crore at the time of application.
- Tech Capability: Robust IT systems and security framework (PCI-DSS compliance).
- Fit & Proper: Promoters must pass RBI's fit and proper check.
Documents Checklist
Entity Application
- COI, MOA, AOA
- Board Resolution
- Business Plan
Financials
- Audited Balance Sheets
- Net Worth Certificate
- Projected P&L for 5 years
Technical
- System Flowchart
- Security Policy
- Customer Grievance Policy
Frequently Asked Questions
Find answers to common questions about PPI Wallet License.
What documents are required for PPI Wallet License?
Required documents typically include identity proof, address proof, business plan, financial statements, and specific regulatory forms. Our team will provide a complete checklist during consultation.
How long does the registration process take?
The timeline varies based on complexity and regulatory requirements. Typically, the process takes 30-90 days. We offer fast-track options for urgent requirements.
What is the cost for this service?
Pricing depends on the specific requirements and scope. Contact us for a customized quote. We offer competitive pricing with transparent fee structures.
Do you provide post-registration support?
Yes! We provide comprehensive post-registration compliance support including annual filings, regulatory updates, and ongoing advisory services.
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- Basic Document Preparation
- Application Filing
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- Complete Documentation
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- 6-Month Compliance Support
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- Everything in Professional
- Multi-Entity Support
- Annual Compliance Retainer
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