What Is Prepaid Wallet License?
Generally PPIs are also called as e-wallets
There are three kinds of Prepaid wallets and they are as follows- Closed Prepaid Payment instruments or Closed Wallets
These are generally issued by the entities that may include, Partnership Forms, Individuals, Sole-Proprietorship Etc for the purpose of goods and services from that entities only. As these instruments cannot be used for any third party settlement or transaction, and for this purpose approval of Reserve Bank of India is not required.
Semi-Closed Prepaid Payment instruments or Semi-Closed Wallets
PPIs under this category can be used to purchase goods and services from a group of united for this purpose only. Cash withdrawal and redemption is not allowed by the holder of such instruments. All entities including NBFC and Individuals are permitted to to carry on their business under this category after getting License from Reserve Bank of India.
This type of wallet which can be used to purchase goods and services and it also permits cash withdrawals from ATM. all Visa cards, Master cards etc falls under this category. Only banks are authorised to issue and operate Open Wallet.
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Other Entities- A minimum positive net worth of 25 Crores as per the last audited balance sheet shall be maintained by all entities seeking approval.
-Constitution of Applicant
-Address proof of registered office
-Certificate of Incorporation
-Main business of company
-Statutory auditor of company
-Audited balance sheet
-Name and address of bankers of the company
-Any other documents as may be required
-Paid-up equity capital
-Share premium account
-Capital reserves representing surplus
-In case of a newly incorporated company a certificate from their Chartered accountant regarding the current net worth along with the provisional Balance sheet is required to be submitted. Moreover, documents regarding capital infusion and other funds acquired to start the business shall also be submitted.
-In case of Banks and NBFC, the approval is given by the supervisory department of the RBI.
-The existing PPI issuers who obtained the license from RBI under previous capital requirements shall be liable to increase their net-worth in accordance with the present criteria by September 30,2020, failing which their License shall be cancelled.
-Only an entity who are duly incorporated under Companies Act, are authorized to apply for the License from RBI.
-The object clause of MOA of the applicant company shall specify the proposed activity of operating as a PPI issuer.