Real Time Payment Provider Nium has received in-principle approval from the Reserve Bank of India for two valid payment licenses – the Prepaid Payment Instrument (PPI) License and the Payment Aggregator (PA) License.
The two licenses will allow the global payments company to offer and improve a variety of financial products in the country, from prepaid cards to acquiring payments from merchants. Nium continues to expand its license portfolio to serve the needs of a rapidly evolving global payments landscape.
Nium has received principal approval from the reserve bank of India for a Prepaid Payment Instrument (PPI) License in India, which will empower the global payments leader to issue pre-funded, pre-loaded cards within India. These versatile prepaid cards can be designed for a variety of consumer and business applications, from employee spending to domestic wallets. Nium’s unique approach includes working with strategic card partners, ensuring a seamless end-to-end experience for users.
In addition to the PPI License, Nium has received in-principle approval for a Payment Aggregator (PA) License, which will enable the company to provide merchant onboarding and acquisition services in the dynamic Indian market. This includes providing an online space for merchants, streamlining fund flow processes and integrating cutting-edge technology into websites for a smoother checkout experience. This license will also allow Nium to connect to real-time payment offerings such as India’s Unified Payments Interface (UPI). Nium is establishing itself as a true end-to-end acquisition solutions provider.
“We are honored to be among the few trusted by the RBI with these licenses and look forward to helping India advance its leadership in payments innovation,” said Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific, Middle East and Africa. in Nium. “Nium is proud to apply its global payments expertise to advanced payment ecosystems around the world. These licenses make Nium a one-stop-shop for all payment needs in India. For the end customer, Nium makes it seamless for Indians to buy from around the world.”
As Nium expands its footprint in India, the company aims to leverage these licenses to offer a wide range of services, enhancing financial inclusion and empowering businesses with advanced payment solutions. These two new licenses, in addition to the 11 other licenses held by Nium, enable the company to offer seamless global (in addition to local) payments for both customers and merchants in India.
As part of Nium’s card issuance, the licenses will also ensure that Nium continues to issue prepaid forex cards under the Nium Forex brand.