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) licence.
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, CEO & Co-Founder, 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 the first payment service provider to receive RBI’s Payment Aggregator-Cross border license for imports and exports. And, in December 2023, Cashfree Payments secured the RBI Payment Aggregator licence, becoming one of the first few entities to receive it.
Cashfree Payments is trusted by 6,00,000+ businesses and processes transactions worth USD 80+ billion annually. The company has been at the forefront of redefining how businesses approach digital payments, onboarding and payouts through its wide range of tech-first offerings. Over the last few months, it has introduced industry-first products like Secure ID for onboarding KYC, FlowWise for payment orchestration, Risk Shield for fraud monitoring and more. Cashfree Payments is expanding its presence in the UAE region outside of India through its acquired partner, Telr.