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To ease money transfers and make it tech-savvy the Reserve Bank of India (“RBI”) has taken many steps to make payments fast, hence the onset of payment wallet license or prepaid wallet license.Payment wallet license or a prepaid payment license is RBI. RBI is also responsible for issuing guidelines and rules for prepaid payment wallets. Payment wallet instruments are instruments that facilitate the purchase of goods and services against the stored value on such instruments.
(1) It is one of the most convenient and secure methods of transferring money.
(2) Payment Wallet Instruments are time-saving in that they allow you to pay your electricity bills, mobile phone bills, and other bills from anywhere and at any time
(3) Allows for greater transparency and accountability for E-wallet users.
(4) There are no additional costs or activation fees associated with this application.
(5) Users can earn rewards, cashbacks, and incentives.
(1) Application
(2) Screening
(3) Audit report
(4) In principal approval
(5) Grant of License
(1) Applicant's name.
(2) Address proof of registered office.
(3) No Objection certificate from RBI.
(4) Certificate of incorporation
(5) Managerial details
(6) Detailed Business Plan and Project Reports.
(7) Sources of funds
(1) What is Prepaid Wallet License?
(2) How do i start an e wallet business?
(3) What is a PPI License?
(3) What is digital wallet?
