Prepaid Wallet License assistance with RBI application guidance
Prepaid Wallet License Assistance in India
Expert Assistance for RBI PPI Authorisation applications from ₹99,999
Application preparation, technology readiness support, DPSS filing assistance and post-authorisation compliance guidance. Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
PPI License Application to DPSS
Business Plan & Revenue Model
Technology Architecture Advisory
Security Audit Coordination
Escrow Arrangement Setup
Post-Authorization Compliance
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Prepare Your Digital Wallet Application for RBI Authorisation?
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Our team assists with the Prepaid Wallet application process, from preparation and filing support to post-authorisation compliance guidance.
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Prepaid Wallet License Assistance Package
From ₹99,999 IncorpX professional fee for assistance
Timeline depends on the application type and authority review
Application support Professional assistance
Eligibility and feasibility review
Business plan preparation assistance
Technology architecture review
RBI application drafting support
Document compilation and verification
Security audit coordination support
Escrow arrangement assistance
RBI query response support
In-principle approval support
Post-authorisation compliance setup
*Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
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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.
The RBI framework for PPIs currently operates under the Master Directions on Prepaid Payment Instruments, 2021, which replaced the October 11, 2017 direction and has been updated from time to time. Applicants should align their product model, governance and compliance setup with the current RBI directions before filing.
RBI expects PPI issuers to maintain technology readiness, customer fund protection through escrow arrangements, KYC and AML compliance, interoperability for full-KYC PPIs, and a clear grievance redressal framework. Authorisation is granted only after RBI reviews the applicant's readiness and supporting records.
At IncorpX, we provide assistance with Prepaid Wallet licence applications, including eligibility review, application preparation, documentation support, coordination for audit readiness and post-authorisation compliance guidance. RBI alone decides whether to grant the authorisation.
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 should support interoperability through UPI, while card-based PPIs use authorised card networks.
Perpetual Validity: The PPI authorization remains valid until revoked by RBI, subject to ongoing regulatory compliance.
Important Compliance Note
Operating a payment system without valid RBI authorisation can attract penalties and enforcement action under the Payment and Settlement Systems Act, 2007, including action under Section 26. Applicants should begin operations only after RBI grants the required authorisation.
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 / authorised card networks)
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 / card networks)
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: RBI requires Small PPIs to be converted into Full-KYC PPIs within 24 months of issue. If Full-KYC is not completed within that period, further credits are not permitted, although the available balance may still be used in line with RBI rules.
Step-by-Step Process for PPI License from RBI:
Obtaining RBI PPI authorisation involves a multi-stage process that typically spans 4 to 8 months for a well-prepared applicant. The steps below explain the process, and IncorpX can assist with preparation, filing support and post-authorisation compliance guidance.
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 authorisation. Keep the audited financial statements ready along with the net worth certificate in the RBI-prescribed format.
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 structured support for your RBI PPI application 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 worth certificate in the RBI-prescribed format confirming the minimum NOF requirement
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
Applicants should align their payment data storage and security controls with the applicable RBI directions on payment system data and related compliance requirements.
3. Encryption Standards
Appropriate encryption, secure transmission controls and key-management practices should be documented as part of the applicant's information-security framework.
4. Fraud Management System
Applicants should document fraud monitoring, exception handling and transaction-risk controls suitable for their proposed business model.
5. Disaster Recovery (DR)
A business continuity and disaster recovery framework should be documented, tested and aligned with the applicant's operational risk profile.
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
Customer authentication controls should be mapped to the applicable RBI payment-security requirements and the issuer's transaction-risk framework.
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
The platform should be capable of handling projected transaction volumes, with testing evidence and operational controls documented for RBI review.
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 PPIs should support interoperability through UPI for wallets and authorised card networks for cards, in line with RBI requirements.
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
Internal complaint mechanism, nodal contact details and escalation under RBI's Integrated Ombudsman Scheme where applicable.
Continuous
Security Audit
Comprehensive security audit by CERT-In empaneled auditor covering all systems, applications, and infrastructure.
Annually
Net Owned Fund
Maintain the prescribed NOF and submit annual net worth certification in the RBI-prescribed format.
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)
Depends on the entity structure and support scope
Depends on incorporation readiness
Net Owned Fund (Minimum)
₹5 crore (₹15 crore within 3 years)
Before application
Technology Platform Development
Depends on product design, vendor scope and security requirements
Depends on implementation readiness
PCI-DSS Certification
Depends on the selected assessor and scope
As per certification scope
CERT-In Security Audit
Depends on the audit scope and system complexity
As per audit readiness
Legal & Documentation
Depends on documentation complexity and support scope
Usually aligned with filing preparation
RBI Application & Review
Application fee as prescribed by RBI
Typically 2 - 4 months
In-Principle to Final Authorization
Operational costs during setup
Typically 1 - 3 months
Total Estimated Timeline
-
4 - 8 months
Note: The timeline above is indicative and depends on the applicant's readiness, audit preparedness and RBI review. Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
Benefits of Obtaining a Prepaid Wallet License:
RBI authorisation allows an eligible issuer to operate regulated prepaid instruments within the applicable framework. Some common business considerations are listed below:
Wallet operations
Authorisation enables the issuer to launch regulated prepaid wallet or prepaid card products within the permitted scope.
Regulatory readiness
A compliant authorisation framework supports structured governance, escrow controls and customer protection measures.
Product monetisation
The business model may include issuer-approved fee streams and related value-added use cases, subject to applicable law.
Interoperability
Full-KYC PPIs support interoperable usage through UPI for wallets and authorised card networks for cards.
Investor diligence
Regulatory preparedness can be an important part of diligence for investors, banks and strategic partners.
Enterprise use cases
Depending on the product structure, issuers may evaluate corporate spending, gift, transit or other permitted prepaid use cases.
Speak with our team about RBI PPI application support.
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.
How IncorpX Assists with Prepaid Wallet applications
Application assistance: Support with documentation, filing preparation and follow-up responses.
Transparent pricing: Assistance starts at ₹99,999. Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
Process planning: Guidance on sequencing, audit readiness and document completeness for a smoother filing cycle.
Regulatory support team: Assistance from fintech compliance and documentation specialists.
Technology guidance: Support on platform readiness, PCI-DSS planning and system-audit coordination.
Post-authorisation support: Guidance on reporting, escrow monitoring and KYC framework setup.
Frequently Asked Questions About Prepaid Wallet License in India (2026)
These FAQs explain the main regulatory, eligibility, pricing and compliance points relevant to a Prepaid Wallet application in India.
The answers cover RBI authorisation requirements, KYC, interoperability, escrow, timelines and the scope of IncorpX assistance.
A Prepaid Payment Instrument (PPI) authorisation is the approval issued by the Reserve Bank of India (RBI) under the Master Directions on Prepaid Payment Instruments, 2021, read with the Payment and Settlement Systems Act, 2007. It allows an eligible entity to issue regulated prepaid instruments such as semi-closed wallets and certain prepaid cards in accordance with RBI conditions.
Any eligible entity that plans to issue regulated PPIs in India must obtain RBI authorisation before starting operations. Closed system PPIs, usable only at the issuer's own establishment, do not require RBI authorisation. Open system PPIs can be issued only by banks.
RBI recognises three broad categories:
Closed System PPIs: usable only within the issuer's own ecosystem and outside RBI authorisation.
Semi-Closed PPIs: usable at a network of identified merchants and subject to RBI authorisation.
Open System PPIs: usable more widely and issued only by banks.
Most non-bank applicants seek authorisation for semi-closed PPIs.
Under RBI's current framework, a non-bank applicant should have a minimum positive net worth of ₹5 crore at the time of application and should achieve ₹15 crore by the end of the third financial year after final authorisation, while maintaining the prescribed net worth thereafter.
For a well-prepared applicant, the end-to-end process typically takes 4 to 8 months, subject to RBI review timelines, document readiness, technology preparedness and the time taken to submit the system audit report after in-principle approval.
IncorpX assistance for a PPI application starts at ₹99,999.
Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
Applicant net worth, technology implementation, audit and bank-related costs are separate and depend on the applicant's actual scope.
Yes. An existing company incorporated in India under the Companies Act, 2013 may apply, provided it meets RBI's eligibility conditions. Its Memorandum of Association should cover the proposed PPI activity.
RBI provides for Small PPIs and Full-KYC PPIs. Small PPIs are subject to a ₹10,000 outstanding balance cap and a ₹10,000 monthly debit / loading limit, and they do not permit cash withdrawal or fund transfer. Full-KYC PPIs can have an outstanding balance of up to ₹2,00,000, with additional features such as fund transfer, subject to RBI limits and issuer controls.
Yes. Small PPIs are expected to be converted into Full-KYC PPIs within 24 months of issue. If the holder does not complete Full-KYC within that period, further credits are not allowed, although the available balance may still be used in line with RBI rules.
Yes, interoperability is mandatory for full-KYC PPIs. Wallet-based PPIs are enabled through UPI, while card-based PPIs are enabled through authorised card networks, as required by RBI.
A non-bank PPI issuer is required to maintain the outstanding PPI balance in an escrow account with a scheduled commercial bank. The escrow arrangement is part of RBI's customer fund protection framework.
Applicants should be ready with a secure technology stack, information-security controls, RBI-compliant KYC and AML processes, customer grievance handling procedures, escrow readiness and a satisfactory system / security audit report for the application process.
A foreign-owned group may participate through an Indian company that meets the applicable Companies Act and RBI requirements. Any foreign investment should also align with the prevailing Government of India FDI policy and sectoral conditions.
Unauthorised operation of a payment system can attract action under the Payment and Settlement Systems Act, 2007, including penalties under Section 26, RBI enforcement action and directions to stop the activity.
A PPI authorisation relates to issuing regulated prepaid instruments that store value. A Payment Aggregator authorisation is for facilitating merchant payment acceptance and settlement flows. The two frameworks have different eligibility, escrow and operational requirements.
After authorisation, the issuer should maintain ongoing compliance such as escrow monitoring, KYC / AML controls, customer grievance handling, system audits, prescribed returns, and annual net worth certification in the RBI-prescribed format.
Full-KYC PPIs may permit transfer of funds back to source or to the holder's own verified bank account. Transfers to pre-registered beneficiaries are also permitted within RBI-prescribed ceilings and issuer-level controls.
PPI issuers should maintain an internal grievance redressal system and publish nodal contact details for customer complaints. If a complaint is not resolved satisfactorily within the applicable timeline, the customer may escalate it under RBI's Integrated Ombudsman Scheme.
Yes. IncorpX provides assistance with eligibility review, document preparation, application drafting, coordination for system audit readiness, response support for RBI queries and post-authorisation compliance setup. RBI alone decides whether to grant the authorisation.
Yes, an NBFC may apply if it satisfies the applicable RBI conditions for PPIs. NBFC registration by itself does not grant PPI rights, so a separate application to RBI is required.
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