Nium Secures In-Principal Approval from RBI for the Payment Aggregator Licence and the Prepaid Payment Instruments License
The two
new licenses pave the way for Nium to become a one-stop-shop for payments in
India.
Hyderabad/Mumbai,
5th February 2024 – Nium, the
leader in real-time global payments, proudly announces it has received in
principle approval from the Reserve Bank of India for two prestigious payment
licences – the Prepaid Payment Instrument (PPI) Licence and the Payment
Aggregator (PA) Licence. The two licences will allow the global payments
company to offer and improve upon a variety of financial products in the
country, from prepaid cards to merchant payment acquiring. Nium continues to
expand its licence portfolio to serve the needs of a rapidly evolving global
payments landscape.
Nium has
received in-principal approval from the Reserve bank of India for a Prepaid
Payment Instrument (PPI) Licence in India, which will empower the
global payments leader to issue prefunded, pre-loaded cards within India. These
versatile prepaid cards can be designed for a variety of consumer and business
applications, from employee spending to domestic wallets. Nium's unique
approach involves collaboration with strategic card partners, ensuring a
seamless end-to-end experience for users.
In
addition to the PPI License, Nium has been granted in principle approval for
a Payment Aggregator (PA) Licence, which will allow the company to
provide merchant onboarding and acquiring services in the dynamic Indian
market. This includes provisioning an online space for merchants, streamlining
fund flow processes, and integrating cutting-edge technology into websites for
smoother checkout experiences. This licence will also enable Nium to
connect to real-time payment offerings, such as India Unified Payments
Interface (UPI). Nium is establishing itself as a true end-to-end acquiring
solution provider.
"We’re
honoured to be among the few trusted by the RBI with these licences and we look
forward to helping India further its leadership in payments innovation,” said
Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific,
Middle East and Africa at Nium. “Nium prides itself on applying its expertise
in global payments to advancing payments ecosystems around the world. These
licences make Nium a one-stop-shop for all payment needs in India. For the end
customer, Nium is making it seamless for Indians to shop the world.”
As Nium
expands its footprint in India, the company aims to leverage these licenses to
offer a wide array of services, fostering financial inclusion and empowering
businesses with advanced payment solutions. These two new licenses, in
additional to the 11 other licenses Nium holds, allows the company to offer
seamless global (in addition to local) payments for both customers and
merchants in India. As a part of Nium’s card issuance, the licences will also
ensure that Nium continues the issuance of pre-paid forex cards for the Nium
Forex brand.
About
Nium
Nium, the leader in real-time
global payments, was founded on the mission to deliver the global payments
infrastructure of tomorrow, today. With the onset of the on-demand economy, its
payments infrastructure is shaping how banks, fintechs, and businesses
everywhere collect, convert, and disburse funds instantly across borders. Its
payout network supports 100 currencies and spans 190+ countries, 100 of which
in real-time. Funds can be disbursed to accounts, wallets, and cards and
collected locally in 35 markets. Nium's growing card issuance business is
already available in 34 countries. Nium holds regulatory licenses and
authorizations in more than 40 countries, enabling seamless onboarding, rapid
integration, and compliance – independent of geography. In 2023, the company
was named on the Forbes Fintech 50 and CB Insights Fintech 100 List of Most
Promising Fintech Companies. Co-headquartered in San Francisco and Singapore,
Nium has regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru,
Hyderabad, and Chennai.