Cashfree Payments receives prepaid payment instrument licence from RBI
Cashfree Payments on Tuesday said it has received the Prepaid Payment Instrument (PPI) licence from the Reserve Bank of India (RBI).
With the PPI licence, the Bengaluru-based payment aggregator can offer digital payment solutions such as mobile wallets, prepaid cards and vouchers, which customers can load with funds and use for transactions.
“The PPI licence opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible and efficient payment experiences to Indian businesses as well as their customers. The PPI licence will help us build offerings that let internet businesses retain and grow their user base,” said Akash Sinha, CEO and cofounder, Cashfree Payments.
The company had in July obtained the payment aggregator cross-border licence, enabling transactions for imports and exports. It came after the RBI, in December 2023, granted it the payment aggregator licence, allowing it to operate in the online merchant payment segment.
Founded in 2015 by Sinha and Reeju Datta, Cashfree Payments processes transactions of about $80 billion annually, serving around 600,000 businesses in India for payment collections, vendor payouts, wage disbursements, bulk refunds, expense reimbursements and loyalty rewards. Backed by investors such as Y Combinator, Apis Partners and State Bank of India, the company has also launched products in eight other countries, including the US, Canada and UAE.
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