Cashfree Payments, a payments and API banking company has received the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) licence. In all, Cashfree Payments have received the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences from the RBI.
In July this year, Cashfree Payments received RBI’s Payment Aggregator-Cross border licence 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.
Akash Sinha, CEO & Co-Founder, Cashfree Payments said, “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.”
Cashfree Payments claims to serve 6,00,000+ businesses and processes transactions worth $80+ billion annually. 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.
