Singapore-based payments company Nium on February 5 said it has received in-principle approval from the Reserve Bank of India (RBI) for the prepaid payment instrument (PPI) and payment aggregator (PA) licence.
“The two licences will allow the global payments company to offer and improve upon a variety of financial products in the country, from prepaid cards to merchant payment acquiring,” Nium said in a press release.
The PPI license will help the company to issue prefunded, pre-loaded cards within India. “The company will collaborate with card partners for the same,” it said. And the aggregator licence will allow it to provide merchant onboarding and acquiring services which includes provisioning an online space for merchants, streamlining fund flow processes, and integrating technology into websites for checkout experiences.
“The PA licence will also enable Nium to connect to real-time payment offerings, such as India Unified Payments Interface (UPI),” the company said in a press release.
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