The Reserve Bank of India gave the Prepaid Payment Instrument (PPI) licence to Global mobile payment solutions company named OBOPAY has got the licence to operate as semi-closed loop wallet in the country. Here is what OBOPAY has explained about the Prepaid Payment Instrument (PPI) licence:
As per the company, it will use this license to increase its business in its B2B (business-to-business) operations. PPI licence will be helpful for the company to solve its existing payment regarding issues for their partner clients.
It will also help OBOPAY in bringing more transparency to the payment system. The company will be able to increase its efficiency in terms of reporting and turnaround times using new PPI license from RBI.
What is PPI Licence?
Prepaid payment instruments (PPI) licence is the way that makes it easy to buy goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card.
How prepaid Instruments can be used and issued?
Talking about the use of prepaid instruments, these can be issued as smart cards, magnetic stripe cards, internet accounts, online wallets, mobile accounts, mobile wallets, paper vouchers and any such instruments used to access the prepaid amount.