Nium Gets In-Principal Approval Of Payment Aggregator, Prepaid Payment Instruments
Nium has received in principle approval from the Reserve Bank of India for two payment licences - the Prepaid Payment Instrument (PPI) Licence and the Payment Aggregator (PA) Licence. The two licences will allow company to offer a variety of financial products in the country, from prepaid cards to merchant payment acquiring.
Nium has received in-principal approval from the Reserve bank of India for a Prepaid Payment Instrument (PPI) Licence in India, which will empower the company to issue prefunded, pre-loaded cards within India. These prepaid cards can be designed for a variety of consumer and business applications, from employee spending to domestic wallets.
In addition to the PPI License, Nium has been granted in-principle approval for a Payment Aggregator (PA) Licence, which will allow the company to provide merchant onboarding and acquiring services in the dynamic Indian market. This includes provisioning an online space for merchants, streamlining fund flow processes and integrating cutting-edge technology into websites for smoother checkout experiences. This licence will also enable Nium to connect to real-time payment offerings, such as India Unified Payments Interface (UPI).
"We're honoured to be among the few trusted by the RBI with these licences and we look forward to helping India further its leadership in payments innovation," said Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific, Middle East and Africa at Nium. "Nium prides itself on applying its expertise in global payments to advancing payments ecosystems around the world. These licences make Nium a one-stop-shop for all payment needs in India. For the end customer, Nium is making it seamless for Indians to shop the world."
