Cashfree Payments receives RBI’s Prepaid Payment Instrument licence
The PPI licence is set to help the company build offerings that let internet businesses retain and grow their user base.
Enterprise API Payments app on Tuesday secured Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) licence.
The company said that it is one of the first fintechs to have received the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences from the Reserve Bank of India.
“The PPI licence opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible and efficient payment experiences to Indian businesses as well as their customers. The PPI (Prepaid Payment Instrument) licence will help us build offerings that let internet businesses retain and grow their user base,” said Akash Sinha, CEO and Co-founder, Cashfree Payments.
Over the last few months, the company introduced industry-first products like Secure ID for onboarding KYC, FlowWise for payment orchestration, and Risk Shield for fraud monitoring, it said in a statement.
Cashfree Payments, which was founded by Akash Sinha and Reeju Datta in 2015, is also expanding its presence in the UAE region through its acquired partner, Telr. The company's products are used in the USA, and Canada as well.
In July this year, the company secured RBI’s Payment Aggregator-Cross border licence for imports and exports. In December last year, it received the RBI Payment Aggregator licence.
Incubated by PayPal, Cashfree Payments is backed by Y Combinator, Apis Partners, and the State Bank of India (SBI).
Edited by Megha Reddy