Payment services operated under financial regulation and performed from or via a mobile is known as Mobile payment wallet. Mobile payment wallet also referred to as mobile money, mobile money transfer and mobile wallet.
RBI is regularity and issuing authority for Payment wallet license or prepaid payment wallet license in India.
RBI is responsible for issuing guidelines and rule for prepaid payment wallet and responsible for granting the incense.
Prepaid or payment wallets have been classified into four categories by the RBI:
A. CLOSED SYSTEM PAYMENT
B. SEMI-CLOSED SYSTEM
C. OPEN SYSTEM
It is a wallet which is issued by a company to a consumer for buying goods and services exclusively from that company. Example: Amazon, Cleartrip etc
You can use this
a. To receive refunds for receive and receive cashback
b. You can do purchasing
Semi-closed PPIs can further be classified into the following three types:
i. PPIs upto ₹ 10,000/- where minimum details of PPI holder are obtained (minimum-detail PPI)
ii. PPIs upto ₹ 10,000/- with loading only from bank account
iii. PPIs upto ₹ 1,00,000/- where KYC of PPI holder is completed (full-KYC PPI)
It is used to purchase of goods and services and also permit cash withdrawal at ATM. Example- Visa card, Master card, Rupay card.
You can use this
a. For cash withdrawal at ATM
b. Payment(s) made on purchase of goods and services by swiping card(s)
c. Use through POs machine for making payment
Semi-closed wallets refer to those wallets that can be used to purchase goods and/or services as such a wallet is a payment instrument that are redeemable of clearly identified merchant that contract specifically with the issuer to except the payment instrument. Example- Paytm, Mobikwik, Freechare etc.
You can use it
a. Pay to affiliated merchant for purchasing goods
b. Purchase from wallet issuer
c. transfer money
➲ Non-Bank Finance Companies (NBFC) and banks, who comply with the eligibility criteria, would be permitted to issue all categories of prepaid payment instruments.
➲ Certain banks have been permitted by the Reserve Bank of India to provide Mobile Banking Transactions by. Such banks shall be permitted to launch mobile based prepaid payment instruments (mobile wallets & mobile accounts)
➲ In other cases, entities would be permitted to issue only closed system prepaid payment instruments and semi-closed system prepaid payment instruments
➲ Commercial Banking institutions and NBFC’s (Non-Bank Finance Companies) which comply with the Capital Adequacy requirement laid down by the Reserve Bank of India from time-to-time shall be permitted to issue prepaid payment instruments.
➲ Entities other than a bank or NBFC shall have a minimum net owned funds of Rs 5 crores in order to attain a prepaid wallet license.
➲ Name of the applicant Entity
➲ Constitution of the applicant Entity
➲ Address proof of registered office of the business
➲ Certificate of Incorporation
➲ A detailed report of the principle business of the company
➲ Benefits expected to the Indian Financial system from the company
➲ List of Directors and List of Shareholders
➲ Details of statutory auditor of Company
➲ Quantum of capital proposed
➲ Details of sources of funds
➲ Latest audited balance sheet of the Company
➲ Payment system details with process flow, technology, security features and interoperability
➲ Details of Bank Account and Bankers of Company
➲ Any other documents as may be required
Incorporation of the Company under the Company act, 2013 with main objects in consonance with that of a prepaid payment instrument.
Preparation and filing of Application for Payment Wallet Licence in Form A with the payment of adequate fee as prescribed under the Payment and Settlement System Regulations, 2008.
The application so filed undergoes the process of initial scrutiny of the application by the RBI to ensure the correctness of the application and the attachments filed and eligibility of the Company and its promoters and directors.
Subject to completion initial scrutiny to the satisfaction of the RBI, the designated office of the Reserve Bank of India issues an ‘in-principle’ approval which shall be valid for 6 months.
The entity receiving the “in-principle” shall mandatorily submit a Systems Audit Report to RBI within these 6 months, otherwise, the in-principle approval shall be deemed to lapse on expiry of 6 months. There is a provision to obtain a one-time extension of six months by such applicant, which shall be approved only if there is a genuine reason for the delays caused. The RBI has the discretion to the accept or decline such request for extension based on the reasons stated.
If the RBI is of the view that the specifics and facts provided by the applicant in the application are satisfactory and as per the respective provisions, the RBI grants the Certificate of Registration to the applicant within the six months of in-principle approval. However, if the Certificate of registration is not granted, then the in-principal approval shall lapse at the completion of 6 months. The Certificate of Registration granted by the RBI is valid for 5 years and shall be subject to a periodic review
We share the detailed and reasonable estimated costs, documents and prerequisites for the complete process before starting the process to ensure transparency.
Our team warrants hassle free documentation. We collect the necessary documents and share the relevant drafts to ensure a timely filing and delivery.
Upon collecting the necessary documents and information, we waste no time in preparation and filing of your application. development on your application is brought to your attention.
On successful completion of the case we share all the relevant documents electronically and physically along with an assurance to pay you back if something is wrong.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that all businesses accepting, processing, storing or transmitting credit card information maintain a safe environment.
A company which has the object of cultivating the habit of thrift & savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Govt.
Registration of NBFC's may be cancelled by the RBI for not conducting business in the manner specified in the respective statutes or due to any non-compliance. However, in certain circumstances, it is possible to apply for the revival of the NBFC whose li
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 of India, the main operations of NBFC include loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance or chit-fund, but they do not inclu
An authorized company that is authorized to purchased foreign exchange from non-residents visiting India & residents & to sell foreign exchange for private & business travel purposes only is Known as Full fledged money changer (FFMC).
Payment services operated under financial regulation and performed from or via mobile is known as Mobile payment wallet. Mobile payment wallet also referred to as mobile money, mobile money transfer and mobile wallet.
An asset Reconstruction Company is a Company engaged in the business of buying bad loan from bank. These are specialized financial institutions that buys the bad loan, Non Performing Assets (NPAs) from banks & financial institution so that to clean up the
The firms incorporated under the Companies Act 2013 as the public or private limited company having objective of financial activity are known as NBFC or Non-Banking Financial Companies.
An autonomous group of people belonging to the same class willingly comes together to strive to be common economic, social and cultural objectives and criteria through a business that is jointly owned and democratically controlled by such citizens.
Catch comprehensive services for Mutual Fund Registration in India with our expert guidance. Navigate SEBI regulations seamlessly, establish your AMC, and unlock investment opportunities. Start now!
Our guide to Alternative Investment Fund (AIF) registration provides an in-depth look into the world of AIFs. We cover all three categories of AIFs - Category I, II, and III, each with its unique focus and benefits. From venture capital funds to hedge fun
CorpZo guides you through Depository Participants Registration, outlining the role, benefits, and eligibility of a DP. Learn about SEBI, NSDL, and CDSL regulations with us.
Payment Aggregator - Cross Border (PA-CB) serves as a facilitator for online cross-border payment transactions associated with the import and export of permissible goods and services. On October 31, 2023, the Reserve Bank of India (RBI) issued a circular
A Collective Investment Scheme (CIS), is an investment scheme in which several individuals come together to pool their money to invest in a particular asset(s) with the motive to share the returns derived from the said investment in accordance with the ag
The SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) also apply to AIFs in the IFSC. The "SEBI" published Operating Guidelines for Alternative Investment Funds in International Financial Services Centres on November 26, 2018 "
An establishment in form of trust or institutions that records and maintains a complete record of transactions of investors for the benefit or convenience of mutual funds houses or listed entities are called as share transfer agents.
Merchant banker is a company and is combination of consultancy and banking services. Activities of merchant banker in India are regulated by SEBI (merchant banker) rule 1992.
Get the competitive edge in the digital payment landscape with Corpzo's expert guidance on obtaining the payment aggregator license in India. We help streamline your payment aggregation services while ensuring compliance with RBI guidelines. Unlock new op
A service providing entities which plays role of intermediate between banks and websites facilitating the communication of transaction information are known as payment gateway.
Organization which is registered under companies act 2013 or 1956 and which facilitate financing activity such as loan, savings, and insurance to the needy people or to those who are incapable of getting loan from banks and other financial institutions d
An Infrastructure Investment Trust (InvIT) is a collective investment scheme, similar to a mutual fund, that allows individual and institutional investors to invest directly in infrastructure projects in exchange for a small percentage of the income as a
CorpZo's services are designed to help businesses navigate the complex process of becoming a Third Party Application Provider within the UPI ecosystem. We ensure compliance with NPCI's SOPs, including adherence to market share cap regulations, and provide
Uniquely repurpose strategic core competencies with progressive content. Assertively transition ethical imperatives and collaborative manufactured products.Write About Us
© 2024 Corpzo Ventures Private Limited.