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Launch Your Digital Wallet with RBI Authorization?
Complete PPI License application from company setup to RBI authorization - Expert guidance through every regulatory milestone
Simple Process
Here's How It Works
01
Fill the Form
Simply fill the above form to get started.
02
Call to discuss
Our startup expert will connect with you & complete legalities.
03
Get Your PPI License from RBI
Our regulatory experts handle the complete Prepaid Wallet License process from application to authorization.
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Prepaid Wallet License Package
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Eligibility & Feasibility Assessment
Business Plan Preparation
Technology Architecture Review
DPSS Application Drafting
Document Compilation & Verification
Security Audit Coordination
Escrow Arrangement Assistance
RBI Query Handling & Liaison
In-Principle Approval Support
Post-Authorization Compliance Setup
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A Prepaid Wallet License (formally known as PPI Authorization) is an approval granted by the Reserve Bank of India (RBI) that permits entities to issue and operate Prepaid Payment Instruments (PPIs) such as digital wallets, prepaid cards, and stored-value vouchers in India. This authorization is governed by the Payment and Settlement Systems (PSS) Act, 2007 and the RBI Master Directions on Prepaid Payment Instruments, 2021.
India's digital payments ecosystem has witnessed exponential growth, with PPI transactions crossing ₹4.6 lakh crore in FY 2023-24. The rise of mobile wallets, UPI-linked prepaid instruments, and corporate expense management solutions has created massive opportunities for fintech companies and banks. However, operating a prepaid wallet without valid RBI authorization is a criminal offence under Section 4 of the PSS Act, 2007, attracting imprisonment of up to 10 years or fines up to ₹1 crore, or both.
The RBI's regulatory framework ensures that PPI issuers maintain robust technology infrastructure, customer fund protection through escrow accounts, KYC compliance, interoperability through UPI/AEPS, and transparent grievance redressal mechanisms. Only entities that meet stringent financial, technical, and operational criteria receive PPI authorization.
At IncorpX, we provide end-to-end Prepaid Wallet License services - from initial feasibility assessment and company incorporation to DPSS application preparation, technology advisory, RBI liaison, and post-authorization compliance setup. Our team of regulatory experts, fintech consultants, and legal professionals has successfully guided multiple startups and established companies through the PPI authorization process.
What is a Prepaid Payment Instrument (PPI) License?
A Prepaid Payment Instrument (PPI) is a financial instrument that facilitates the purchase of goods and services, fund transfers, and financial transactions against a pre-loaded monetary value. PPIs include digital wallets (like Paytm, PhonePe, Amazon Pay), prepaid cards (issued by banks on Visa/Mastercard/RuPay networks), meal vouchers, gift cards, and travel cards.
Under the Payment and Settlement Systems Act, 2007, no entity can issue or operate a prepaid payment instrument in India without the authorization of the Reserve Bank of India. The RBI Master Directions on Prepaid Payment Instruments (August 2021) provide the comprehensive regulatory framework covering issuance, loading, KYC requirements, transaction limits, interoperability, escrow management, and consumer protection for all types of PPIs.
The PPI License is issued by RBI's Department of Payment and Settlement Systems (DPSS) after a thorough evaluation of the applicant's financial strength, technology readiness, business model viability, promoter credentials, and compliance framework. The authorization process involves multiple stages including application submission, due diligence, in-principle approval, technology audit, and final authorization.
Key Aspects of PPI License:
RBI Authorization:
Formal permission from the Reserve Bank of India to issue and operate prepaid payment instruments across India.
Customer Fund Protection:
Mandatory escrow account with a scheduled commercial bank to safeguard all outstanding PPI balances.
Interoperability:
Full KYC wallets must enable UPI and AEPS-based transactions for seamless payments across platforms.
Perpetual Validity:
The PPI authorization remains valid until revoked by RBI, subject to ongoing regulatory compliance.
Did You Know?
Operating a prepaid payment instrument without valid RBI authorization is a criminal offence under Section 4 of the PSS Act, 2007. Violators face imprisonment of up to 10 years or a fine of up to ₹1 crore, or both. Even facilitating unauthorized PPI operations is punishable.
Types of Prepaid Payment Instruments (PPIs):
RBI classifies Prepaid Payment Instruments into three categories based on their usage, acceptance network, and the entity that issues them. Understanding these categories is critical before applying for a PPI License.
PPI Type
Description & Examples
Maximum Balance
KYC Requirement
Interoperability
RBI License?
Closed System PPI
Issued by an entity for use within its own ecosystem only. Examples: Amazon Gift Card (Amazon-only use), Shoppers Stop gift card, Starbucks stored value card
No RBI limit
Not mandated by RBI
Not applicable
No
Semi-Closed PPI (Min KYC)
Usable at identified merchant locations. Loading via bank/debit/credit card. Examples: Paytm Mini Wallet, new PhonePe wallets before KYC
₹10,000
Minimum KYC (OTP-based)
Not enabled
Yes
Semi-Closed PPI (Full KYC)
Usable at merchant locations with fund transfer & UPI. Examples: Paytm Wallet (Full KYC), PhonePe Wallet, Amazon Pay Balance
₹2,00,000
Full KYC (Aadhaar eKYC / in-person)
Mandatory (UPI/AEPS)
Yes
Open System PPI
Usable at any merchant, ATM, and for cash withdrawal. Examples: ICICI Pockets, Kotak 811 card, SBI prepaid card
₹2,00,000
Full KYC (mandatory)
Mandatory
Yes (Banks only)
Important Note!
Open System PPIs can only be issued by banks. Non-bank entities can only apply for authorization to issue Semi-Closed PPIs. If you want to issue prepaid cards with cash withdrawal capability, you must partner with a bank or apply for a banking license. Semi-closed PPIs with Full KYC must be interoperable via UPI as per RBI's October 2021 directive.
Eligibility & Requirements for PPI License:
RBI has prescribed strict eligibility criteria for entities seeking PPI authorization. Both banks and non-bank entities can apply, but the requirements differ significantly:
Company incorporated in India under the Companies Act, 2013 with payment services in MOA
Minimum Net Owned Fund (NOF) of ₹5 crore at the time of application (non-bank entities)
NOF must be increased to ₹15 crore within 3 years of receiving authorization
Sound financial track record with audited financials for the last 3 years
Robust technology infrastructure with PCI-DSS compliance and data localization
Security audit by a CERT-In empaneled auditor confirming technology readiness
Escrow arrangement with a scheduled commercial bank for customer fund protection
Directors and key management must satisfy RBI's "fit and proper" criteria
Comprehensive KYC/AML/CFT compliance framework as per RBI and PMLA guidelines
Grievance redressal mechanism with designated nodal officer under PSS Act
KYC Requirements for Prepaid Wallets:
RBI mandates a tiered KYC framework for PPIs that determines wallet limits, functionality, and interoperability. Understanding these requirements is crucial for PPI applicants:
Parameter
Minimum KYC (Small PPI)
Full KYC PPI
Verification Method
Self-declaration with OTP verification on mobile number
Aadhaar eKYC, Video KYC, or in-person verification at authorized point
Maximum Balance
₹10,000 at any point in time
₹2,00,000 at any point in time
Monthly Transaction Limit
₹10,000 per month
No monthly limit (subject to overall balance cap)
Fund Transfer
Not permitted
Permitted to bank accounts and other wallets
Interoperability (UPI/AEPS)
Not available
Mandatory for semi-closed PPIs
Validity Period
24 months from issuance (must upgrade to Full KYC or close)
Valid as long as the PPI issuer is authorized by RBI
Cash Withdrawal
Not permitted
Only for Open System PPIs (bank-issued)
Important: As per RBI's latest guidelines, all Minimum KYC PPIs must be converted to Full KYC within 24 months of issuance. If the holder does not complete Full KYC within this period, the PPI issuer must close the wallet and refund the remaining balance to the holder's source account. PPI issuers must implement Aadhaar eKYC through UIDAI's authentication framework for seamless Full KYC conversion.
Step-by-Step Process for PPI License from RBI:
Obtaining a Prepaid Wallet License from RBI involves a multi-stage process that typically spans 12 to 24 months. At IncorpX, we handle the entire process on your behalf. Here's the detailed step-by-step procedure:
Step 1: Incorporate a Company in India
The applicant must be a company incorporated under the Companies Act, 2013. The Memorandum of Association (MOA) must include payment services, issuance of prepaid instruments, and digital wallet operations as authorized business activities. If you don't have a company, register a Private Limited Company with the appropriate object clauses.
Step 2: Meet Net Owned Fund (NOF) Requirements
Ensure a minimum NOF of ₹5 crore at the time of application. The NOF must be increased to ₹15 crore within 3 years of receiving authorization. Obtain a NOF certificate from a practicing Chartered Accountant along with audited financial statements for the last 3 years (or since incorporation for newer companies).
Develop a scalable technology platform for PPI issuance, transaction processing, and settlement. Achieve PCI-DSS certification, implement data localization (all data stored within India), deploy real-time fraud monitoring, and set up disaster recovery infrastructure with RPO < 1 hour and RTO < 4 hours.
Step 4: Apply to RBI (Department of Payment and Settlement Systems)
Submit the formal application to DPSS at RBI's Central Office, Mumbai. The application package includes: business plan, technology architecture, security audit report from CERT-In empaneled auditor, escrow arrangement letter, NOF certificate, directors' fit and proper declarations, KYC/AML policy, and all prescribed annexures.
Step 5: RBI Assessment & Due Diligence
DPSS conducts comprehensive assessment including promoter background verification, financial strength evaluation, technology readiness review, compliance framework assessment, and business model viability analysis. RBI may request additional information, conduct site visits, or seek clarifications. This phase typically takes 3 to 6 months.
Step 6: In-Principle Approval from RBI
Upon satisfactory assessment, RBI issues an in-principle approval with specific conditions. The applicant must finalize technology setup, execute escrow agreements, appoint compliance and nodal officers, conduct trial runs, and set up grievance redressal mechanism within the stipulated timeframe (typically 6 months).
Step 7: Final Authorization (Certificate of Authorization)
After demonstrating compliance with all in-principle conditions, RBI conducts a final review and issues the Certificate of Authorization (CoA) under the PSS Act, 2007. The PPI issuer can then commence operations. The authorization is perpetual, subject to ongoing compliance with RBI Master Directions on PPIs and periodic inspections.
Get expert guidance through the complete RBI authorization process!
What Are the Documents Required for PPI License Application?
The PPI License application to RBI's DPSS requires comprehensive documentation covering the applicant's corporate profile, financial standing, technology capabilities, and compliance readiness. Here's the complete list:
Category
Document
Details
Corporate Documents
Certificate of Incorporation
Company registration certificate from MCA with CIN
MOA & AOA
Must include payment services and PPI issuance as authorized objects
Board Resolution
Resolution authorizing PPI application and appointing authorized signatory
Financial Documents
Audited Financial Statements
Balance sheet, P&L, and cash flow for last 3 financial years
NOF Certificate
Net Owned Fund certificate from a practicing Chartered Accountant confirming ₹5 crore NOF
Business Plan & Projections
5-year business plan with revenue model, customer acquisition strategy, and financial projections
Technology Documents
Technology Architecture
Detailed system architecture, network topology, and data flow diagrams
Security Audit Report
Comprehensive audit report from a CERT-In empaneled auditor
PCI-DSS Certificate
Valid PCI-DSS compliance certificate for payment data security
Disaster Recovery Plan
DR/BCP document with RPO, RTO, and testing evidence
Compliance Documents
KYC/AML/CFT Policy
Customer identification, anti-money laundering, and counter-financing of terrorism policy
Escrow Arrangement Letter
Escrow agreement with a scheduled commercial bank for customer fund protection
Grievance Redressal Policy
Three-tier complaint handling mechanism with designated nodal officer details
Directors & Management
Fit & Proper Declaration
Declarations from all directors and key management personnel per RBI norms
Directors' Profile & KYC
Detailed resume, PAN, Aadhaar, passport, and background verification of all directors
Compliance Officer Details
Appointment letter and credentials of the designated compliance officer
Technology & Security Requirements for PPI License:
RBI places significant emphasis on technology infrastructure and security for PPI authorization. The following requirements must be met before and maintained after receiving the license:
1. PCI-DSS Compliance
Payment Card Industry Data Security Standard certification is mandatory for all PPI issuers handling card data and payment transactions. Annual recertification required.
2. Data Localization
All payment system data must be stored exclusively within India as per RBI's April 2018 circular. This includes transaction data, customer data, and payment credentials.
3. Encryption Standards
End-to-end 256-bit AES encryption for all transactions. TLS 1.2 or higher for data in transit. HSM (Hardware Security Module) for cryptographic key management.
4. Fraud Management System
Real-time transaction monitoring with AI/ML-based fraud detection. Velocity checks, device fingerprinting, geo-fencing, and transaction pattern analysis.
5. Disaster Recovery (DR)
Active DR site in a different seismic zone. Recovery Point Objective (RPO) under 1 hour. Recovery Time Objective (RTO) under 4 hours. Regular DR drills mandatory.
6. CERT-In Security Audit
Annual security audit by a CERT-In empaneled auditor covering vulnerability assessment, penetration testing, application security, and infrastructure review.
7. Multi-Factor Authentication
Strong customer authentication using two or more factors: knowledge (PIN/password), possession (device/OTP), and inherence (biometric). Mandatory for all transactions above ₹200.
8. Transaction Monitoring
24/7 Security Operations Center (SOC) for monitoring suspicious activities. Automated alerts for unusual patterns, large transactions, and potential AML violations.
9. Infrastructure Scalability
Platform must handle peak transaction loads with auto-scaling. 99.95% uptime SLA. Load testing evidence for projected 5-year transaction volumes.
10. IT Act 2000 Compliance
Compliance with the Information Technology Act, 2000 and its amendments including data protection, cyber security incident reporting, and electronic record maintenance.
Compliance Requirements for PPI Issuers:
Once authorized by RBI, PPI issuers must maintain ongoing compliance across multiple regulatory dimensions. Non-compliance can result in penalties, suspension, or revocation of authorization:
Compliance Area
Requirement
Frequency
Escrow Management
Maintain outstanding PPI balance in escrow account with scheduled commercial bank. Balance must equal or exceed total outstanding PPIs at all times.
Continuous / Daily reconciliation
Settlement
All merchant settlements from escrow account must be completed within T+1 business days as per RBI norms.
Daily (within T+1)
Interoperability
Full KYC semi-closed PPIs must enable UPI and AEPS-based payments. Integration with NPCI platforms mandatory.
Continuous (from authorization date)
RBI Reporting
Monthly returns on PPI issuance, transactions, outstanding balances. Quarterly compliance certificate. Annual security audit report.
Monthly / Quarterly / Annually
KYC/AML Compliance
Implement tiered KYC framework. Report suspicious transactions to FIU-IND. Maintain KYC records for 5 years after account closure.
Continuous
Grievance Redressal
Three-tier complaint mechanism. Nodal officer under PSS Act. Escalation to RBI Ombudsman for Digital Transactions.
Continuous (48-hour response SLA)
Security Audit
Comprehensive security audit by CERT-In empaneled auditor covering all systems, applications, and infrastructure.
Annually
Net Owned Fund
Maintain minimum NOF as prescribed. Submit annual NOF certificate from CA to RBI.
Annually (with financial statements)
Fees & Timeline for PPI License:
Obtaining a PPI License involves significant financial investment across multiple components. Here's a detailed cost and timeline breakdown:
Component
Estimated Cost
Timeline
Professional Fees (IncorpX Package)
₹99,999 onwards
Throughout the process
Company Incorporation (if needed)
₹10,000 - ₹25,000
7 - 15 days
Net Owned Fund (Minimum)
₹5 crore (₹15 crore within 3 years)
Before application
Technology Platform Development
₹50 lakh - ₹2 crore
3 - 6 months
PCI-DSS Certification
₹5 lakh - ₹10 lakh
2 - 3 months
CERT-In Security Audit
₹5 lakh - ₹15 lakh
1 - 2 months
Legal & Documentation
₹3 lakh - ₹10 lakh
1 - 2 months
RBI Application & Review
Application fee as prescribed by RBI
3 - 6 months
In-Principle to Final Authorization
Operational costs during setup
6 - 12 months
Total Estimated Timeline
-
12 - 24 months
Note: The timeline and costs above are indicative and vary based on the applicant's readiness, technology maturity, and RBI's review schedule. Companies with existing financial services experience and technology infrastructure may achieve faster timelines. At IncorpX, our professional package covers end-to-end application support, and we work to optimize the timeline through pre-verified submissions.
Benefits of Obtaining a Prepaid Wallet License:
A PPI Authorization from RBI unlocks significant business opportunities in India's booming digital payments market. Here's why obtaining a PPI License is a strategic investment:
Digital Wallet Operations
Launch your own branded digital wallet or prepaid card product. Accept deposits, enable payments at merchant locations, and build a direct customer relationship in India's ₹4.6 lakh crore PPI market.
Regulatory Credibility
RBI authorization establishes unmatched trust with customers, merchants, investors, and banking partners. It signals compliance maturity and operational reliability in the financial services ecosystem.
Revenue Diversification
Multiple revenue streams including merchant discount rate (MDR), float income from escrow, cross-sell opportunities for credit/insurance products, and data-driven advertising on the wallet platform.
UPI Interoperability
Full KYC wallets linked with UPI enable seamless payments at 100+ million UPI-enabled merchants. Access India's largest real-time payment network without building separate merchant infrastructure.
Investor Confidence
A PPI License is a significant regulatory moat that attracts institutional and venture capital investment. Licensed fintech companies command higher valuations and stronger fundraising positions.
Enterprise & B2B Solutions
Enable corporate expense management, employee benefits (meal/travel cards), transit cards, gift card programs, and loyalty wallets. The B2B PPI segment is growing at 40%+ annually.
Join India's digital payments revolution with IncorpX!
Related Regulatory Services:
If you're building a comprehensive fintech or payments business, you may also need these complementary registrations and licenses:
PCI-DSS Certification - Payment Card Industry Data Security Standard compliance required for all PPI issuers.
CERT-In Security Audit - Annual mandatory security assessment by CERT-In empaneled auditor for payment system operators.
Cross-Border Payment License - For PPI issuers planning international remittance or forex card services under RBI's Liberalised Remittance Scheme.
Why Choose IncorpX for Prepaid Wallet License?
End-to-End Support: From company incorporation to RBI authorization and post-license compliance.
Transparent Pricing: Professional package starting at ₹99,999 with no hidden charges.
Optimized Timeline: Pre-verified submissions to minimize RBI query rounds and accelerate approval.
Expert Regulatory Team: Dedicated fintech consultants, CAs, and legal professionals with RBI licensing experience.
Technology Advisory: Guidance on platform architecture, PCI-DSS certification, and CERT-In audit coordination.
Compliance Management: Post-authorization compliance setup including RBI reporting, escrow management, and KYC framework.
Frequently Asked Questions About Prepaid Wallet License in India (2026)
Navigating the PPI License process with RBI can be complex due to evolving regulations and stringent compliance requirements. We've compiled detailed answers to the most frequently asked questions about Prepaid Wallet License in India.
Whether you're a fintech startup planning to launch a digital wallet, an established company expanding into payment services, or an investor evaluating PPI opportunities, these FAQs cover everything from eligibility and costs to RBI compliance requirements and technology mandates.
A Prepaid Payment Instrument (PPI) License is an authorization granted by the Reserve Bank of India (RBI) under the Payment and Settlement Systems Act, 2007 and RBI Master Directions on PPIs 2021. It permits entities to issue prepaid wallets, cards, or vouchers that store monetary value for purchasing goods, services, or financial transfers. Examples include wallets like Paytm, PhonePe, and Amazon Pay.
Any entity that wants to issue semi-closed or open system prepaid payment instruments in India must obtain authorization from RBI. This includes companies planning to launch digital wallets, prepaid cards, meal vouchers with cash withdrawal features, or any stored-value instrument. Closed system PPIs like gift cards issued by retailers for their own use do not require RBI authorization.
RBI classifies PPIs into three categories:
Closed System PPIs: Issued by an entity for use within its own ecosystem only (e.g., store gift cards). No RBI license required.
Semi-Closed PPIs: Can be used at a group of identified merchants/locations (e.g., Paytm Wallet, Amazon Pay). RBI authorization mandatory.
Open System PPIs: Can be used for purchases and cash withdrawals at any merchant/ATM (e.g., prepaid Visa/Mastercard). Issued only by banks.
Non-bank entities applying for a PPI License must maintain a minimum Net Owned Fund (NOF) of ₹5 crore at the time of application, which must be increased to ₹15 crore within 3 years of receiving authorization. Banks are exempt from this requirement as they already meet RBI's capital adequacy norms.
The PPI License process typically takes 12 to 24 months from the date of application to final authorization. This includes: application review by Department of Payment and Settlement Systems (DPSS) (3-6 months), in-principle approval and technology setup (6-12 months), security audit and compliance verification (3-6 months), and final authorization. Timeline may vary based on application completeness and RBI's review schedule.
The total cost of obtaining a PPI License varies based on the scope of operations. Key cost components include:
Professional fees: ₹99,999 onwards (application preparation, RBI liaison)
Minimum NOF: ₹5 crore (increasing to ₹15 crore in 3 years)
Technology infrastructure: ₹50 lakh to ₹2 crore (platform, security, hosting)
Security audit: ₹5 lakh to ₹15 lakh (CERT-In empaneled auditor)
Escrow arrangement: Bank escrow setup costs
At IncorpX, our professional package starts at ₹99,999 covering end-to-end application support.
Yes, an existing company incorporated in India under the Companies Act, 2013 can apply for a PPI License, provided it meets the eligibility criteria including minimum NOF of ₹5 crore, sound financial track record, and technology infrastructure. The company's Memorandum of Association should include payment services as one of its objects.
RBI mandates different KYC levels for PPIs:
Minimum KYC (Small PPI): Self-declaration with OTP verification. Maximum balance ₹10,000, monthly transaction limit ₹10,000. Valid for 24 months.
Full KYC PPI: Complete Aadhaar eKYC or physical verification. Maximum balance ₹2,00,000, no monthly limit. Enables fund transfer and interoperability.
All PPIs must be converted to Full KYC within 24 months of issuance, failing which the wallet must be closed.
Yes, as per RBI Master Directions on PPIs (October 2021), interoperability is mandatory for all Full KYC semi-closed PPIs. This means wallet holders must be able to make payments through UPI and AEPS (Aadhaar Enabled Payment System) from their wallets. Non-bank PPI issuers must enable interoperability by linking their wallets with UPI-enabled platforms.
Every non-bank PPI issuer must maintain the outstanding balance of all issued PPIs in an escrow account with a scheduled commercial bank. The escrow amount must be equal to or greater than the total value of outstanding PPIs at all times. Settlement from the escrow account must happen within T+1 business days. This ensures customer funds are protected even if the PPI issuer faces financial difficulties.
PPI applicants must demonstrate robust technology infrastructure:
PCI-DSS Compliance: Payment Card Industry Data Security Standard certification
Data Localization: All payment data must be stored within India as per RBI's 2018 circular
Encryption: End-to-end 256-bit encryption for all transactions
Fraud Management: Real-time transaction monitoring and fraud detection system
Disaster Recovery: Active DR site with RPO < 1 hour and RTO < 4 hours
Security Audit: Annual audit by CERT-In empaneled auditor
Foreign companies cannot directly obtain a PPI License. However, they can invest in an Indian subsidiary company that applies for the license. FDI up to 100% is permitted under the automatic route in the payment systems sector. The Indian entity must be incorporated under the Companies Act, 2013 and meet all RBI eligibility criteria independently. The foreign parent company's experience in fintech/payments can strengthen the application.
Violations of RBI's PPI guidelines can result in severe consequences:
Monetary penalties under Section 26 of the PSS Act, 2007 (up to ₹5 lakh per offence, ₹25,000 per day for continuing violations)
Suspension or revocation of PPI authorization
Direction to cease operations and refund all outstanding balances
Criminal prosecution for operating without valid authorization
RBI regularly conducts inspections and reviews compliance reports filed by PPI issuers.
A PPI License authorizes the issuance of prepaid instruments (wallets, cards) that store monetary value for future transactions. A Payment Aggregator License authorizes entities to facilitate payments between merchants and customers without storing funds. PPI issuers hold customer money in escrow, while payment aggregators process transactions in real-time. Some companies hold both licenses for comprehensive payment services.
PPI issuers must file regular compliance reports with RBI's Department of Payment and Settlement Systems (DPSS):
Monthly returns on PPI issuance, transactions, and outstanding balances
Quarterly compliance certificate from the compliance officer
Annual security audit report from CERT-In empaneled auditor
Annual report on customer grievance redressal
Immediate reporting of security breaches or fraud incidents
Non-filing or delayed filing can attract penalties.
Yes, Full KYC PPI holders can transfer funds from their wallet to any bank account. This facility is available for semi-closed PPIs where the holder has completed Aadhaar eKYC or equivalent full KYC. The transfer is facilitated through IMPS/NEFT/UPI rails. Minimum KYC wallets do not have fund transfer or cash withdrawal facilities.
RBI mandates a three-tier grievance redressal mechanism for all PPI issuers:
Level 1: Customer support team of the PPI issuer (response within 48 hours)
Level 2: Nodal Officer designated under PSS Act (resolution within 30 days)
Level 3: RBI Ombudsman for Digital Transactions (if unresolved at Level 2)
PPI issuers must publish the nodal officer's details on their website and app.
Closed system PPIs like gift cards issued by a retailer for use only within their own stores/website do not require RBI authorization. However, if the gift card can be used at multiple merchants, across platforms, or involves cash withdrawal, it becomes a semi-closed or open system PPI and requires RBI authorization under the PSS Act, 2007.
The Department of Payment and Settlement Systems (DPSS) is the division within RBI responsible for regulating and supervising all payment systems in India, including PPIs. DPSS receives PPI applications, conducts due diligence on applicants, evaluates technology readiness, grants in-principle approval, and issues final authorization. All communication regarding PPI licenses is routed through DPSS at RBI's Central Office in Mumbai.
Yes, an NBFC registered with RBI can apply for a PPI License, subject to meeting all eligibility criteria. In fact, NBFCs with existing financial services experience often have stronger applications due to their regulatory track record, compliance framework, and customer base. The NBFC must apply separately to DPSS for PPI authorization - the NBFC registration does not automatically grant PPI rights.
The team was very responsive and helpful. I received daily updates from the WhatsApp group, and their guidance made everything much simpler to comprehend. If you want a simple and hassle-free way to launch your business, I would highly recommend them!
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I recently used IncorpX to register my limited liability partnership, and I had an amazing experience! There were no hidden fees, and the team was helpful, quick to respond, and open. They provided thorough explanations of each step, and their services are reasonably priced without sacrificing quality. The entire process was made simple by IncorpX's professionalism, attention to detail, and sincere support. Strongly advised!
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The experience was flawless; the team completed each task with care and always responded quickly. Throughout the process, I never felt stuck. We would especially like to thank Saksham and Sriram for making everything run so smoothly! The IncorpX team offers extremely competitive pricing; anyone just starting out should definitely get in touch with them.
M
Mohammed Affan
4.9/5
I'm really grateful to the wonderful team at IncorpX for helping bring my co-founder's and my dream to life. The whole process was super smooth - fast service, great support, and no hassles at all. I'd highly recommend IncorpX to any new entrepreneur or founder looking to register their company. Excited to continue working with them in the long run. Thank you, IncorpX!
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Riyom Taipodia
4.6/5
One of the best agency I have ever experienced. Team members are very friendly as if we know each other from before and came communicate and share easily. My work has been done in a very short period and I am so happy. Thank you so much.
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Ayyappa Swamy
5/5
Highly recommend... IncorpX services regarding incorporation of our company and roc filing and all are very impressive.. the team IncorpX is polite and friendly. Our Lands Time pvt ltd has incorporated through IncorpX... And thanks to IncorpX team..
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Ramesh Babu
4.9/5
Trouble free service, Rendering good co-operation for company incorporation. Trust worthy team to have better knowledge.
P
Pravesh Kudesia
5/5
IncorpX is providing best service... And user experience! Thank You IncorpX Team
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Balaji Gutte
4.9/5
I recently got my Private Limited Company incorporated through IncorpX, and the experience was seamless! The team was professional, supportive, and quick to respond throughout the process. Highly recommend IncorpX for a smooth and stress-free company registration experience.
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Dia
5/5
I'd been planning to register my Private Limited Company for months but didn't know where to start - until I found IncorpX. The team guided me step by step, explained everything clearly, and completed the registration smoothly within the promised timeline. Their pricing was transparent with no hidden charges. Highly recommend IncorpX to anyone starting a business!
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