Who can issue Prepaid Payment Instrument (PPI)

if an individual is planning to start a Prepaid Payment Instrument (PPI), obtaining Prepaid Wallet License is an absolute necessity. Prepaid Payment Instruments are methods that facilitate transactions of goods that are purchased and services availed by the consumer.

The Reserve Bank of India has laid down a framework for the Payment Instrument Providers and made it compulsory to comply to the master directions so that the customers can rely on the proper and risk-free transaction methods. It is mandatory for PPI issuers to be audited yearly in order to get PPI license.

The RBI has issued a number of circulars from time to time on the issuance and operation of PPIs. In the light of developments in the field, progress made by PPI Issuers, experience gained and with a view to foster innovation and competition, ensure safety and security, customer protection, etc., it was decided to review the instructions relating to the issuance and operation of PPIs and issue comprehensive Directions on the subject.

Riskbricks Solution Pvt Ltd conducts CISA Audit and helps the PPI issuers by providing them with the necessary suggestions and recommendations needed to strengthen their security posture.