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Revolut gets RBI nod for PPIs, wallets

Economic Times

Economic Times · 4m ago

Revolut gets RBI nod for PPIs, wallets

Revolut, a British fintech company, has obtained final approval from the Reserve Bank of India to issue Prepaid Payment Instruments (PPIs) in India, enabling services like prepaid cards and digital wallets with UPI integration. This authorization allows Revolut to offer both international and domestic payment solutions in India, entering the competitive digital payments market dominated by players like PhonePe and Google Pay. The move is part of Revolut's strategy to expand its global customer base.

Related News

Neobank Revolut India gets in-principle nod for PPI license from RBI

Economic Times

Economic Times · 1y ago

Neobank Revolut India gets in-principle nod for PPI license from RBI

UK-based neobank Revolut India has received in-principle approval from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs), such as prepaid cards and wallets. This approval will allow Revolut India to offer international and domestic payment solutions on a single platform and strengthen its position in the Indian payments sector. Revolut plans to introduce a full suite of digital-first money management services for Indian customers, including payments and remittances, and has over 175,000 prospective customers on its waitlist. The app is currently in the testing phase and will be launched soon.

RBI Proposes Direct UPI Payments From PPI Wallets

Inc42 · 1y ago

RBI Proposes Direct UPI Payments From PPI Wallets

The Reserve Bank of India (RBI) has proposed allowing the linking of prepaid payment instruments (PPIs) like digital wallets through third-party Unified Payments Interface (UPI) applications. This move aims to provide more flexibility to PPI holders and benefit fintech startups such as Paytm, PhonePe, Freecharge, and MobiKwik. Additionally, the RBI has proposed enabling cash deposit facility through the use of UPI and allowing non-bank payment system operators to offer central bank digital currency (CBDC) wallets. The central bank also announced plans for a dedicated platform for retail investors to participate in government securities market.

RBI Allows Banks And Non-Banks To Issue PPIs For Public Transport, Industry Welcomes Move

Inc42 · 1y ago

RBI Allows Banks And Non-Banks To Issue PPIs For Public Transport, Industry Welcomes Move

The Reserve Bank of India (RBI) has allowed both banks and non-bank prepaid payment instrument (PPI) issuers to offer PPIs for public transport services. The move aims to provide convenience, speed, affordability, and safety in digital payments for commuters using transit services. The amendments come as a welcome step for the fintech sector, fostering the growth of India's digital payments infrastructure. The decision is expected to benefit allied startups in offering digital wallets and other services for transit payments. The move follows recent regulatory actions by the RBI in the fintech sector.

RBI permits UPI transactions via prepaid payment instruments using third-party apps

YourStory

YourStory · 8m ago

RBI permits UPI transactions via prepaid payment instruments using third-party apps

The Reserve Bank of India has allowed prepaid payment instruments (PPI) holders to make and receive Unified Payments Interface (UPI) payments through third-party mobile applications. Only full-KYC PPI holders will be able to make UPI payments by linking their customer PPIs to their UPI handles. This move by the RBI aims to provide more flexibility to PPI holders such as gift cards, metro rail cards, and digital wallets. UPI is an instant real-time payment system developed by the National Payments Corporation of India. PPIs are instruments that enable the purchase of goods and services and provide remittance facilities.

Britain's Revolut prepares for 2025 India launch, FT reports

Economic Times

Economic Times · 11m ago

Britain's Revolut prepares for 2025 India launch, FT reports

Revolut, the UK-based fintech company, is reportedly planning to launch its services in India next year. Although Revolut established its presence in India in 2021, it had to wait for approval from the country's central bank to issue prepaid cards and wallets. The approval was granted earlier this year, allowing Revolut to proceed with its expansion into the Indian market.

Stripe gets final RBI nod for payment aggregator business

Inc42 · 1y ago

Stripe gets final RBI nod for payment aggregator business

Global fintech startup Stripe has received final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator in India. Founded in 2010, Stripe offers a suite of fintech tools including billing and tax services. Zomato, a major foodtech company, also received approval from the RBI to operate as a payment aggregator. A total of 11 companies have received final approval from the RBI for online payment aggregator businesses. The regulatory framework for payment aggregators was introduced by the RBI in March 2020.

Revolut gets UK banking licence, ending three-year wait

Economic Times

Economic Times · 1y ago

Revolut gets UK banking licence, ending three-year wait

Revolut, the British fintech company, has finally received a banking license with restrictions from the Prudential Regulation Authority after a three-year wait. The license brings the firm one step closer to full operations in the UK. Revolut, which has over nine million UK customers, is now in the mobilisation stage and sees this announcement as a significant advancement for both the company and its customers. This banking license will also aid Revolut in its plans to achieve a valuation of over $40 billion, solidifying its position as Europe's most valuable start-up.

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Inc42 · 10m ago

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.

Halt Wallet Issuance, Refund Balances: RBI to TalkCharge

Inc42 · 1y ago

Halt Wallet Issuance, Refund Balances: RBI to TalkCharge

The Reserve Bank of India has once again directed payments platform TalkCharge Technologies to cease operation and issuance of its prepaid payment instruments and refund the remaining amount lying in these wallets to customers. Earlier this month, the central bank cracked down on the company for offering PPIs on its website and app without obtaining the requisite certificate of authorisation.

Mobile wallets make a big comeback as numbers return

Economic Times

Economic Times · 7m ago

Mobile wallets make a big comeback as numbers return

Mobile wallets in India are making a significant comeback with global fintechs seeking licenses and new domestic firms entering the market. Companies like Revolut India and Tide are pursuing prepaid payment instrument licenses, while local fintechs and conglomerates like Mswipe and Tata Payments have secured licenses. Despite the initial slowdown due to Paytm Payments Bank's closure, transaction volumes are recovering. Wallets offer benefits like MDR applicability, UPI interoperability, and enhanced security, making them attractive for varied use cases.

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