FinTech major Cashfree Payments today announced that it has received the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license.
The fintech in total holds the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences from the RBI.
“The PPI licence opens up a new field of opportunity for innovation in the payments landscape. 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 & Co-Founder, Cashfree Payments.
In July this year, Cashfree Payments received RBI’s Payment Aggregator-Cross border license for imports and exports, while in December 2023, the fintech secured the RBI Payment Aggregator licence.
Recently, Cashfree Payments also received certification from the National Payments Corporation of India (NPCI) for its UPI Switch service.
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