Nium Secures In-Principle Approval from RBI for the Payment Aggregator Licence and the Prepaid Payment Instruments Licence
The two new licenses pave the way for Nium to become a one-stop-shop for payments in India.
Mumbai, 6 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-principle 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.