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IndianTaxPert — Simplifying Business Registration & Compliance in India | Company Incorporation • LLP Formation •
Planning to launch a digital wallet or prepaid payment solution in India?
IndianTaxPert simplifies the PPI licensing process with end-to-end advisory—right from ₹5–15 crore net worth planning, PRAVAAH portal filing, System Audit Report (SAR) coordination, to post-license compliance with RBI regulations.
⭐ 18,000+ Businesses Successfully Served
What Are Prepaid Payment Instruments (PPIs)?
Prepaid Payment Instruments (PPIs) allow users to store money in advance and use it for purchases, bill payments, fund transfers, or other transactions. The value stored represents money paid upfront through cash, bank transfers, or cards.
- Physical instruments like metro cards, meal cards & gift vouchers
- Digital wallets and mobile payment apps
- Hybrid platforms combining cards, wallets & UPI
PPIs play a crucial role in strengthening cashless payments and financial inclusion across India.
Common Examples of PPIs
Metro & Transit Cards
Gift Cards & Vouchers
Paytm, Amazon Pay, MobiKwik
ICICI Pockets
Sodexo Meal Cards
Mobile Wallet Apps
RBI’s Role in PPI Regulation
The Reserve Bank of India regulates PPIs under the Payment and Settlement Systems Act, 2007 to ensure customer protection, system security, and fraud prevention.
- Authorisation & licensing of PPI issuers
- Customer fund protection
- Cybersecurity & risk management
- Ongoing compliance monitoring
Who Needs a PPI License?
Digital Wallet Companies
Fintech startups & e-commerce wallets
Prepaid Card Issuers
Multi-merchant, travel & forex cards
Payment Platforms
B2B payment & remittance facilitators
Financial Service Providers
NBFCs & digital lenders with wallets
Closed-system PPIs usable only for issuer’s products do NOT require RBI authorisation.
PPI vs UPI Apps – Regulatory Difference
| Feature | UPI Apps | PPI Wallets |
|---|---|---|
| Fund Source | Bank Account | Stored Wallet Balance |
| RBI License | Not Required | Mandatory |
| Regulator | NPCI | RBI |
| Net Worth | Not Applicable | ₹5–15 Crore |
| Escrow Account | No | Yes |
Dec 27, 2024: Full-KYC PPI wallets can now be linked with UPI apps.
Step-by-Step Process to Obtain PPI License
Step 1:
Pre-application preparation
Pre-application preparation
Step 2:
PRAVAAH portal filing
PRAVAAH portal filing
Step 3:
RBI due diligence
RBI due diligence
Step 4:
In-principle approval
In-principle approval
Step 5:
System Audit (CERT-IN)
System Audit (CERT-IN)
Step 6:
Final CoA issuance
Final CoA issuance
Step 7:
Business launch
Business launch
Total Timeline: 6–12 months
Need RBI PPI License Assistance?
IndianTaxPert provides end-to-end PPI licensing, RBI liaison, system audits & compliance support.
