TestCloud
Prep • Practice • Perform
Log In

Cashfree Payments Granted Prepaid Payment Instrument (PPI) License by RBI.

Banking & Finance | Dated: 19 Nov 2024

Cashfree Payments India Private Limited, based in Bengaluru (Karnataka), has received a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI).

🎯 Key Highlights:

  • - Currently, Reserve Bank of India (RBI) has issued PPI licenses to 46 entities.
  • - This license will enable Cashfree Payments to offer a variety of digital payment solutions, including mobile wallets, prepaid cards, and vouchers.

💡 Other Important Facts:

  • (i) The PPI license will help the company build services that allow internet businesses to retain and expand their user base.
  • (ii) Cashfree Payments also received the Payment Aggregator Cross-Border (PA - CB) license in July 2024, facilitating transactions for imports and exports.
  • (iii) Additionally, the company secured the payment aggregator license in December 2023, which enables it to process online merchant payments.

📚 Test Your Knowledge:

Recently, which company received the Prepaid Payment Instrument (PPI) license from the RBI?

Correct Answer: Cashfree Payments

🚀 Quick Recap: