Cashfree Payments Secures RBI’s Prepaid Payment Instrument Licence

• ByStartupStory     |    October 30, 2024

Leading fintech platform, Cashfree Payments, announced today that it has received the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) licence, marking a significant milestone in its journey to enhance digital payment solutions for Indian businesses. With this addition, Cashfree Payments becomes one of the first fintechs in India to hold the trio of RBI licences—Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB), and now, the Prepaid Payment Instrument (PPI) licence.

The PPI licence allows the company to develop innovative payment offerings designed to improve user retention and engagement for internet businesses. “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,” said Akash Sinha, CEO and Co-founder, Cashfree Payments.

In recent months, Cashfree Payments has rolled out several industry-first solutions, including Secure ID for seamless KYC onboarding, FlowWise for optimized payment orchestration, and Risk Shield for fraud prevention. This latest achievement follows Cashfree Payments’ acquisition of the RBI Payment Aggregator-Cross Border (PA-CB) licence in July this year, which bolstered its capabilities for managing cross-border transactions related to imports and exports. The company also obtained the standard Payment Aggregator licence from the RBI in December 2023.

Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree Payments is making significant strides in the global market, with products now active in the USA, Canada, and a growing presence in the UAE through its acquired partner, Telr. Originally incubated by PayPal, Cashfree Payments has gained support from major investors such as Y Combinator, Apis Partners, and the State Bank of India (SBI).

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