Prepaid Wallet License

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What Is Prepaid Wallet License?

Prepaid Wallets are payment instruments that facilitates purchase of goods and services, including funds transfer, against the value stored in such instruments. PPIs are smart and convenient method to initiate cashless transactions. It is an effective way of payment carried out it transparency, scalability, and accountability.
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.

Open Wallets
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.

FAQ

Common List Of Questioner That Our Customer Ask From Us -Solved !
What Are Minimum Capital Requirements?
Banks- There is no separate minimum capital required in case of banks. They shall be authorized to issue PPIs only after getting approval from RBI.

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.
What Are The Documents Required For Registration ?
-Name of the Applicant
-Constitution of Applicant
-Address proof of registered office
-Certificate of Incorporation
-Main business of company
-Management information
-Statutory auditor of company
-Audited balance sheet
-Name and address of bankers of the company
-Any other documents as may be required
What Is The Validity Of PPI License ?
All PPIs is having minimum validity of at least One yea from the date of its issuance to the PPi holder. PPI issuers must inform about it expiry to its customers in a timely manner through SMS/Email/ post or by any other medium in the language preferred by the holder indicated at the time of issuance of the PPI. even if the PPi expires, a grace period of 60 days shall be given by the PPi issuer to the customers.
What Are The Other Conditions Related To Capital Requeirement ?
-Net worth shall consists of the following items-
-Paid-up equity capital
-Preference shares
-Free Reserves
-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.

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