California-based Nium received principal approval from the regulatory body Reserve Bank of India (RBI) for two payment licenses on Monday, to offer and improve a variety of financial products in the country, from prepaid cards to merchant payment-acquiring.
The finance firm said it secured Prepaid Payment Instrument (PPI) and Payment Aggregator (PA) licenses from RBI to offer a wide array of services, fostering financial inclusion and empowering businesses with advanced payment solutions.
Prepaid Payment Instruments (PPI) are instruments that facilitate the purchase of goods and services by prepaid mediums like smart cards, online accounts, online wallets, stripe cards, and paper vouchers, where one can purchase without any physical exchange of cash or card.
Nium’s approach involves collaboration with strategic card partners, ensuring a seamless end-to-end experience for users.
The firm said along with PPI license, it also received approval for Payment Aggregator (PA) license, which enables it to provide merchant onboarding and acquire services in the Indian market. Additionally, this license will also allow 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 licenses and we look forward to helping India further its leadership in payments innovation, Nium prides itself on applying its expertise in global payments to advancing payments ecosystems around the world,” said Anupam Pahuja, Executive Vice President Asia Pacific, Middle East and Africa at Nium.
To read more on Finance, head to the link.
