Cashfree Payments, India’s leading payments and API banking company, today announced that it has received the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license. Cashfree Payments is one of the first fintechs to have received the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences from the RBI.
Akash Sinha, Co-founder and CEO, Cashfree Payments commented, “The PPI licence opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible and efficient payment experiences to Indian businesses as well as their customers.. The PPI (Prepaid Payment Instrument) licence will help us build offerings that let internet businesses retain and grow their user base.”
In July this year, Cashfree Payments became a payment service provider to receive RBI’s Payment Aggregator-Cross border license for imports and exports. In December 2023, Cashfree Payments secured the RBI Payment Aggregator licence.
