India-based payment aggregator Cashfree Payments has received a prepaid payment instrument (PPI) licence from the Reserve Bank of India (RBI).
This licence allows the company to provide a range of digital payment solutions, including mobile wallets, prepaid cards, and vouchers.
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It follows the company’s receiptof the payment aggregator cross-border licence in July, which facilitates transactions for imports and exports.
In December 2023, the company had already secured the payment aggregator licence, enabling it to process online merchant payments.
Cashfree Payments CEO and co-founder Akash Sinha said: “The PPI licence opens up a new field of opportunity for innovation in the payments landscape.
“The PPI licence will help us build offerings that let internet businesses retain and grow their user base.”
Founded in 2015 by Sinha and Reeju Datta, Cashfree Payments has a transaction volume of about $80bn annually, serving approximately 600,000 businesses across the country.
Its services extend to payment collections, vendor payouts, wage disbursements, bulk refunds, expense reimbursements, and loyalty rewards.
With backing from investors such as Y Combinator, Apis Partners, and the State Bank of India, Cashfree Payments has expanded its reach beyond India.
It launched products in eight other countries, including the US and Canada. The company expanded its presence in the UAE through its partnership with Telr.
In 2022, Cashfree Payments launched buy-now-pay-later (BNPL) tools for online businesses in India.
