Payment Wallet License

STEP-1 : Establish a Company under Company act, 2013 through applying to Registrar of Company.

STEP-2 : Application filing for consent in Form A as mentioned under Regulation 3(2) of the Payment and Settlement System Regulations, 2008 together with requisite fee to Reserve Bank of India for the sake of getting the License.

Structure of the applicant.

Proof of position of registered office.

Certificate of Incorporation (COI).

A detailed report of the principal business of the company.

Management detailed information.

Statutory auditor of the Company.

Recent audited balance sheet.

Name and address of bankers of Company.

Particulars of payment system with process flow, technology to be used, security features, inter-operability, etc.

Expected benefits to Indian the financial systems.

Amount of own capital proposed.

Sources of funds

Any other information needed by the RBI.

STEP-3 : Screening process will be started by the RBI to determine the eligibility of the applicants

STEP-4 : After meeting the suitability factors and other aspects, the Reserve Bank of India gives an ‘in-principle’ nod. The validity pertaining to the in-principle nod issued by RBI will be six months from the date of providing such in-principle approval.

STEP-5 : Company will furnish a decent System Audit Report to RBI within these six months, if not the in-principle approval will expire automatically. The entity has the right to get a one-time extension of six months through an appeal in writing beforehand with justifiable reasons.

STEP-6 : Post factoring the details provided by companies, these are given final approval and then these entities can start business within six months from getting a Certificate of Authorization.

Banks and Non-Bank Finance Companies, which meet the eligibility criteria, would be allowed to issue every type of payment instrument.

Only banks with permission to offer Mobile Banking Transactions by the Reserve Bank of India shall be allowed to launch mobile-oriented prepaid payment instruments (mobile wallets & mobile accounts).

Rest of the entities will be allowed to issue only closed system prepaid payment instruments and semi-closed system prepaid payment instruments.

Mobile Prepaid value: Mobile Service Providers can issue mobile prepaid value. Apart from talk-value, the usage of such prepaid value as a payment instrument will be limited to the buying of only such value added digital contents/services which can be used on mobile phones. With mobile prepaid value buying of other goods and services is not possible.

Merely banks and Non-Bank Finance Companies adhering to the Capital Adequacy criteria specified by the Reserve Bank of India will be allowed to issue prepaid payment instruments.

A company formed in India and registered under the Companies Act 1956 / Companies Act 2013, with the chief purpose of the fiscal business. Any financial entities seeking payment wallet authorization from RBI should possess at least positive net-worth of Rs 5 Crores.

Foreign Exchange Prepaid Payment Instruments: Entities approved under FEMA to issue foreign exchange prepaid payment instruments are excluded from following these guidelines. The usage of such payment instruments will be restricted to allowed current account transactions and depends upon the specified limits under the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as modified from time to time.

Any entity having the chief objective of finance trade prepared to establish payment wallet systems shall apply for RBI Form A as mentioned under Regulation 3(2) of the Payment and Settlement Systems Regulations, 2008 together with a minimal fee of INR 10000/-.RBI will assess the application in line with the guidelines of the Payment and Settlement Systems Regulations, 2008, also verify the history of the management by gathering details from other regulators, government departments, etc. In case application is not in sync with what is mentioned in the guidelines, It shall be given back devoid of the application fees.The certificate will remain in force for 5 years. After five years application in writing to DPSS, RBI, Central Office, and Mumbai office needs to be launched at least three months prior to the validity expiry of Certificate of Authorization.

Step1

Just get in touch with us to discuss certain business requirements with us. The discussion will not go beyond 20-25 minutes.

Step 2

We have a dedicated manager to look into all your problems and suggest solutions. They even assist you in the entire process as well.

Step 3

In case you want to know the status of your application, then you can have the same as well.

Step 4

Once the job is done, you will get documents directly to your email id and at your doorstep.

We provide our services to the entrepreneurs and businesses at an economical rate. We are of the view that the customer is always right and the purpose of any business activity should be to look after the customer with total dedication. Every service of ours has SLAs (Service Level Agreements) for prompt service delivery and reimbursement assurance for maximizing customer satisfaction.

With regard to our service delivery timeline customers are promptly informed and we also intimate them every time a milestone is crossed. If there are some dissatisfied customers our round-the-clock Customer Care Department is there to look into the issue. We even offer a money back policy for those who want their service charges back.

We believe that we are duty-bound to protect our customers' personal details from unauthorized access. We have instituted several measures to ensure that the customer information is secure with us during its storage and transfer between in house and third party servers. We regularly check our systems and processes for security lapses and threats are found out and fixed constantly.