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The Reserve Bank of India (RBI) has recently issued a cautionary statement regarding the issuance of Prepaid Payment Instruments (PPIs) by unauthorised entities. Specifically, Talk Charge Technologies Pvt. Ltd. has been identified for operating without the required authorization from the RBI under the Payment and Settlement Systems Act, 2007.
Detailed Analysis:
1. Violation of Regulatory Provisions: Talk Charge Technologies Pvt. Ltd., despite multiple communications from the RBI, continued to issue and operate Prepaid Payment Instruments without obtaining the necessary authorization as mandated by the Payment and Settlement Systems Act, 2007.
2. Nature of Violation: The RBI has noted that Talk Charge wallets were being used for transactions beyond their defined scope. Instead of being limited to facilitating purchases solely from the issuing entity, these wallets were being utilized for third-party services such as utility bill payments and recharges.
3. Legal Action Taken: In response to these violations, the RBI issued directives to Talk Charge Technologies Pvt. Ltd. to cease the issuance and operation of its Prepaid Payment Instruments. Additionally, the entity was instructed to refund the balances held in the wallets to the customers within a specified timeframe.
4. Misleading Communications: It has been brought to light that the entity attempted to create a false impression among its customers by implying that the demand for repayment of cashback amounts was in accordance with RBI directives. The RBI clarified that its directives solely pertained to the refund of prepaid amounts.
5. Caution to the Public: The RBI urges the public to exercise vigilance while engaging with websites or applications offering financial services. It emphasizes the importance of verifying the authorization status of entities before conducting any financial transactions.
Conclusion:
The RBI’s cautionary statement serves as a reminder of the regulatory framework governing financial transactions and the importance of adhering to it. Entities operating in the financial sector must comply with the necessary regulatory requirements to ensure the safety and security of consumers’ financial transactions. It is incumbent upon the public to remain vigilant and verify the authorization status of entities offering financial services to mitigate the risk of falling victim to fraudulent activities.
*****
Reserve Bank of India
It had come to the notice of Reserve Bank of India (RBI) that Talk Charge Technologies Pvt. Ltd. (entity), a company having its registered office at Unit No. 323, JMD Megapolis, 3rd Floor, Sohna Road, Sector 48, Gurgaon, Haryana-122018, is issuing Prepaid Payment Instruments (Wallets) through its website and app (application) ‘Talk Charge’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007.
Accordingly, the entity was issued directions dated April 02, 2024 (attached) to stop issuance and operation of its Prepaid Payment Instruments or Wallets and refund the balances held in the wallets within 15 days (which was later extended on the entity’s request to 45 days, i.e., by May 17, 2024).
It has come to the notice of the Reserve Bank that the entity has issued a legal notice to its customers demanding the return of Cashback, failing which the matter will be reported to the RBI. Thus, the entity has created an impression in the minds of its customers that demand for repayment of cashback amount is being made as per the directions of the RBI. It is clarified that the RBI has only directed the entity (Talk Charge Technologies Pvt. Ltd.) to refund the prepaid amount lying in the wallets, to the customers.
Members of public are urged to exercise utmost caution while using websites / application/s, and parting with their money to any such unauthorised entity. Members of public should verify and satisfy themselves that the website / application used or the entity they are dealing with is authorised to carry out the activity it performs. The list of authorised payment system providers / authorised payment system operators are displayed on RBI website at https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043.
(Yogesh Dayal)
Chief General Manager
Press Release: 2024-2025/186
Reserve Bank of India
DPSS. CO. OVRST. NO. S5/06.07.004/2024-25
April 02.2024
The Chief Executive Officer
Talk charge Technologies Pvt. Ltd.
Unit No. 323, JMD Megapolis 3rd Floor
Sohna Road, Sector 48
Gurgaon, Haryana-122018
Madam / Dear Sir,
Payment and Settlement Systems Act, 2007 — Talk Charge Technologies Pvt. Ltd. —
Stop Operations Order
This is with reference to multiple e-mail communications the Reserve Bank of India, New Delhi Regional Office had with Talk Charge Technologies Pvt. Ltd. (the entity) between December 2023 — January 2024 and the subsequent responses submitted by your entity with regards to the issuance and operations of Prepaid Payment Instruments (PPIs).
2. In terms of Section 4 of the Payment and Settlement Systems (PSS) Act, 2007, no person, other than the Reserve Bank of India, shall commence or operate a payment system except under and in accordance with an authorisation issued by the Reserve Bank of India under the provision of this Act.
3. We invite your attention to para 2.1 of the Master Directions – Prepaid Payment Instruments (MD-PPI) dated August 27, 2021 (Updated as on February 10, 2023), issued by RBI, which defines Closed System PPIs as PPIs issued by an entity for facilitating the purchase of goods and services from that entity only and do not permit cash withdrawal. These instruments cannot be used for payment or settlement for third party services. Attention is also invited to the definition of Small PPIs vide para 2.8 (i) of the above MD-PPI, wherein it is stated that the Small PPIs are used only for purchase of goods and services; Funds transfer or cash withdrawal from such PPIs shall not be permitted. Small PPIs can be used at a group of clearly identified merchant locations / establishments which have a specific contract with the issuer (or contract through a payment aggregator / payment gateway) to accept the PPIs as payment instruments.
4. It is, however, observed from the submissions made by the entity on December 18, 2023, and January 12, 2024; and also, from usage of Talk charge wallets for recharges / utility bill payments, that the money stored in Talk charge wallets can be used for third party services such as utility bill payments, recharges, etc. As such, these transactions conducted using Talk charge wallets do not conform to be Closed System PPIs and tantamount to operating PPIs, which is a payment system in itself
5. Considering that the entity is issuing and operating PPIs without a Certificate of Authorisation issued by the Reserve Bank of India in terms of Section 7 of the PSS Act, 2007, it has violated the provisions of the PSS Act, 2007.
6. In view of the above, you are advised to immediately stop the business of issuance and operation of wallets / PPIs. Further, you are also advised to refund the balances held in the existing Talk charge wallets, if any, to the source (payment source from where the PPI I wallet was loaded) or bank account of such customers (duly verified by M/s Talk charge Technologies Pvt. Ltd.).
7. A compliance to the above directions may be submitted to RBI within 15 days from the date of receipt of this Order. Subsequently, you may also submit a ‘No liability’ certificate duly certified by a Chartered Accountant.
8. The order is issued under the provisions of the PSS Act, 2007.
9. Please acknowledge receipt of this Order.
Yours faithfully,
(Amitabh Khandelwal)
General Manager
**********
A. Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India
The Payment and Settlement Systems Act, 2007 along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and the Payment and Settlement Systems Regulations, 2008 have come into effect from 12th August 2008.
The list of ‘Payment System Operators’ authorised by the Reserve Bank of India to set up and operate in India under the Payment and Settlement Systems Act, 2007 is as under:
|
Sr. No. |
Name of the Authorised Entity | Address of the Principal Office | Payment System Authorised | Date of issue of Authorisation & Validity Period (given in brackets) |
| Financial Market Infrastructure | ||||
| 1. | The Clearing Corporation of India Ltd. | The Managing Director, Clearing Corporation of India Ltd., CCIL Bhavan, S K Bole Road, Dadar (West), Mumbai -400 028 | Securities segment covering Govt Securities | 11.02.2009 |
| Forex Settlement Segment comprising of sub-segments
a. USD-INR segment, b. CLS segment – Continuous Linked Settlement (Settlement of Cross Currency Deals), c. Forex Forward segment |
||||
| Rupee Derivatives Segment-Rupee denominated trades in IRS & FRA. | ||||
| Central Counter Parties | ||||
| 2. | AMC Repo Clearing Limited | The Chief Executive Office, AMC Repo Clearing Limited 204,205,206 The Empire Business Centre Empire Complex, 414, Senapati Bapat Marg, Lower Parel (W) Mumbai – 400 013 |
Repo transactions in corporate debt securities | 28.02.2023 |
| Retail Payments Organisation | ||||
| 3. | National Payments Corporation of India (NPCI)* | The Chief Executive Officer, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra – Kurla Complex, Bandra (East), Mumbai–400 051. |
National Financial Switch (NFS) | 15.10.2009 |
| Immediate Payment Service (IMPS) | 12.10.2010 | |||
| Affiliation of RuPay Cards (debit cards/ prepaid cards) issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI. | 12.07.2012 | |||
| National Automatic Clearing House (NACH) | 23.05.2013 | |||
| Aadhar Enabled Payments System (AEPS) | 11.01.2011 | |||
| Operation of Cheque Truncation System | 21.09.2011 | |||
| Unified Payments Interface | 24.08.2016 | |||
| National Electronic Toll Collection (NETC) | 11.02.2019 | |||
| *All approvals related to international activities given to NPCI have been transferred to NPCI International Payments Limited (NIPL), a wholly owned subsidiary of NPCI, with effect from August 10, 2020 | ||||
| Bharat Bill Payment System (BBPS) | ||||
| Bharat Bill Payment Central Unit (BBPCU) | ||||
| 4. | NPCI Bharat BillPay Limited | The Chief Executive Officer, NPCI Bharat BillPay Limited, 1001A, B wing, 10th Floor, The Capital, Bandra – Kurla Complex, Bandra (East), Mumbai–400 051. |
Bharat Bill Payment Central Unit (BBPCU) | 26.07.2017 |
| Bharat Bill Payment Operating Units (BBPOUs) | ||||
| 5. | Infibeam Avenues Limited (formerly Avenues India Private Limited) | The Chief Executive Officer Infibeam Avenues Limited 28th Floor, GIFT Two Building, Block No.56, Road-5C, Zone-5 Gandhinagar – 382355. |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 17.10.2017 |
| 6. | CSC e – Governance Services India Ltd | The Chief Executive Officer CSC e – Governance Services India Ltd Electronics Niketan, 4th Floor, Ministry of Electronics & Information Technology 6 CGO Complex, Lodhi Road New Delhi – 110003 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 21.09.2017 |
| 7. | Euronet Services India Private Limited | The Chief Executive Officer Euronet Services India Private Limited I-Think Techno Campus, Office No 1 8th Floor, Wing A, Off Pokhran Road No. 2 Behind TCS, Eastern Express Highway Thane (W) – 400607 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 05.09.2017 |
| 8. | IndiaIdeas.com Limited | The Chief Executive Officer India Ideas. com Limited 801, Supreme Chambers 17/18 Shah Industrial Estate Off Veera Desai Road Andheri (W), Mumbai 400 053 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 02.08.2017 (Valid up to 30.09.2024) |
| 9. | Ebix Payment Services Private Limited (formerly Itz Cash Card Limited) | The Chief Executive Officer, Ebix Payment Services Private Limited 2nd Floor, Manek Plaza, Kalina CST Road, Kolekalyan, Santacruz (East), Mumbai – 400 098 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 28.08.2017 (Valid up to 30.09.2024) |
| 10. | Spice Money Limited | The Chief Executive Officer, Spice Money Limited, 19A & 19B, 4th Floor, Global Knowledge Park, Sector 125, Noida – 201301 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 22.08.2017 |
| 11. | Worldline ePayments India Private Limited (formerly Ingenico ePayments India Private Limited and Tech Process Payment Services Limited) | The Chief Executive Officer, Worldline ePayments India Private Limited, 501, Jolly board Towers, i Think Techno Campus, Kanjurmarg (East) Mumbai 400042 | Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 16.08.2017 |
| 12. | One Mobikwik Systems Limited | The Chief Executive Officer,One Mobikwik Systems Limited,– Unit No. 102, 1st Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, Haryana-122003, India | Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 24.01.2019 (Valid up to 31.03.2025) |
| 13. | PayU Payments Private Limited | The Chief Executive Officer, PayU Payments Private Limited, 801, 8th Floor, Empressa Building, 2nd Road, Khar (West), Mumbai – 400052 | Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 17.06.2022 |
| 14. | PhonePe Private Limited | The Chief Executive Officer, PhonePe Private Limited, Office 2, Floor 4,5,6 and 7, Wing A, Block A, Salarpuria Softzone, Service road, Green Glen Layout, Bellandur, Bangalore South, Bangalore, Karnataka- 560103 |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) | 03.03.2022 |
| Cards Payment Networks | ||||
| 15. | American Express Banking Corp., USA | The Chief Executive Officer, American Express Banking Corp., 200 Vesey Street MC 01-39-12 New York, NY USA 10285. | Affiliation of credit cards/debit cards /prepaid cards issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the Reserve Bank of India. | 31.03.2009 |
| 16. | Diners Club International Ltd., USA | The Chief Executive Officer, Diners Club International Ltd. 2500, Lake Cook Road River woods, Illinois (IL) – 60015, U S A. |
Affiliation of credit card issued by banks or any other entity approved by the Reserve Bank of India. | 30.06.2010 |
| 17. | MasterCard Asia/ Pacific Pte. Ltd., Singapore (Earlier MasterCard International Incorporated, USA was performing this activity) | The Chief Executive Officer, Mastercard Asia/ Pacific Pte. Ltd, 3 Fraser Street, DUO Tower, #17-21/28, Singapore 189352 | Affiliation of credit cards/ debit cards/ prepaid cards issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the Reserve Bank of India. | 01.12.2014 |
| National Payments Corporation of India | The Chief Executive Officer, National Payments Corporation of India, 1001A, B wing, 10th Floor, The Capital, Bandra-Kurla Complex, Bandra (East) Mumbai–400 051. |
Affiliation of RuPay Cards (debit cards/ prepaid cards) issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI. | 12.07.2012 | |
| 18. | Visa Worldwide Pte. Limited, Singapore (Earlier Visa International Service Association, USA was performing this activity) | The President Visa Worldwide Pte. Limited, 71, Robinson Road, #08-01, Singapore (068895). | Affiliation of credit cards/ debit cards/ prepaid cards issued by banks and co-branded credit cards issued by non-banking financial companies (NBFCs) or any other entity approved by the RBI. | 01.04.2010 |
| Cross border Money Transfer – in-bound only | ||||
| 19. | Bahrain Financing Company, BSC (C) | The Director Bahrain Financing Company, BSC (c), Bab AL Bahrain Building, Bab AL Bahrain Avenue, Government Road, P.O Box 243 Manama, Bahrain |
Money Transfer Service (MTSS)– cross border in-bound service (customer to customer) known as “EzRemit” | 30.09.2009 |
| 20. | Continental Exchange Solutions Inc, USA | The Chief Executive Officer, 6565, Knott Avenue, Buena Park, California, 90620- USA |
MTSS- cross border in-bound service (customer to customer) known as “Ria Money Transfer” | 28.04.2014 (Valid upto 31.03.2025) |
| 21. | Mastercard Transaction Services (Canada) Inc.(formerly Transfast Inc., Canada and Global Foreign Exchange Inc.) | The President, Transfast Inc., 600-121, Bloor ST East, Toronto, ON, Canada, M4W 3M5 | MTSS- cross border in-bound service (customer to customer) known as “Transfast” | 30.09.2009 (Valid upto 30.09.2024) |
| 22. | MoneyGram Payment Systems Inc, USA. | The President & Chief Executive Officer, 1550 Utica Avenue South, Minneapolis, Minnesota 55416, U.S.A. |
MTSS- cross border in-bound service (customer to customer) known as “MoneyGram or MoneyGram International” | 25.05.2009 (Valid upto 31.05.2024) |
| 23. | Muthoot Finserve USA Inc. {formerly Royal Exchange (USA) Inc.} | The President, Muthoot Finserve USA Inc. 1155, Green Street Iselin, NJ 08830 U.S.A. |
MTSS- cross border in-bound service (customer to customer) | 30.09.2009 |
| 24. | UAE Exchange Centre LLC, UAE | The Managing Director & CEO, UAE Exchange Centre LLC, P.O No. 13304, Building of Nassar Bin Abdul Latiff Naïf Street Deira, Dubai, U A E |
MTSS- cross border in-bound service (customer to customer) known as “Xpress Money” | 30.09.2009 |
| 25. | Wall Street Exchange Centre LLC, UAE | The Group Managing Director, Wall Street Exchange Centre LLC, Central Office Building, AI Sabhkha, Naif Road P.O Box 3014, Deira, Dubai UAE. |
MTSS- cross border in-bound service (customer to customer) known as “Instant Cash” | 30.09.2009 |
| 26. | Western Union Financial Services Incorporated, USA | The Chief Executive Officer, Western Union Financial Services Incorporated, 7001E, Belleview Avenue, Englewood, CO 80237. |
MTSS- cross border in-bound service (customer to customer) known as “Western Union or WU” | 31.03.2009 |
| ATM Networks | ||||
| 27. | Bank of India | The Chairman & Managing Director Bank of India, Star House C-5 ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051. |
‘BANCS’ – ATM network | 12.08.2009 |
| Euronet Services India Private Limited | The Managing Director, Euronet Services India Private Limited, 2nd Floor, Marwah House, Krishanlal Marwah Marg, Andheri (E) Mumbai – 400 072. |
CASHNET – ATM Network | 25.05.2009 | |
| National Payments Corporation of India | The Chief Executive Officer, National Payments Corporation of India, C-9, 8th Floor, RBI Premises, Bandra – Kurla Complex, Bandra East, Mumbai–400 051. |
National Financial Switch (NFS) | 15.10.2009 | |
| 28. | Punjab National Bank | The Chairman & Managing Director, Punjab National Bank, 7, Bhikaji Cama Place New Delhi 110049. |
Bilateral ATM sharing arrangement with Everest Bank of Nepal | 05.04.2010 |
| 29. | State Bank of India | The Chairman, State Bank of India, Corporate Centre, 1st Floor, ‘C’ Wing, Mittal Towers, Nariman Point, Mumbai 400 021. |
State Bank Group ATM network | 12.08.2009 |
| Prepaid Payment Instruments | ||||
| 30. | Amazon Pay (India) Private Limited (formerly Amazon Online Distribution Services Private Limited) |
The Chief Executive Officer, Amazon Pay (India) Private Limited, #26/1, Brigade Gateway, World Trade Centre, 8th floor, Dr. Rajkumar Road, Malleswaram (West), Bangalore – 560 055 |
Prepaid Payment Instruments known as “Amazon Pay balance: Money” | 22.03.2017 |
| 31. | Appnit Technologies Private Limited | The Chief Executive Officer, Appnit Technologies Private Limited, 403, 4th Floor, Tower A, Logix Technova Centre, Sector 32, Noida, Uttar Pradesh – 201 301 | Prepaid Payment Instruments | 22.03.2017 (Valid Upto 31.03.2025) |
| 32. | Bajaj Finance Limited | The Chief Executive Officer, Bajaj Finance Limited, Mumbai Pune Road, Akurdi, Pune – 411 035 | Prepaid Payment Instruments | 04.05.2021 |
| 33. | Balancehero India Private Limited | The Chief Executive Officer, Balance hero India Private Limited, Office No – 121, 2nd Floor, Sector 44, Gurugram, Haryana – 122003 | Prepaid Payment Instruments | 18.07.2017 |
| 34. | Delhi Metro Rail Corporation Limited | The Chief Executive Officer, Delhi Metro Rail Corporation Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi – 110001 | Prepaid Payment Instruments for Mass Transit Systems | 20.02.2017 |
| 35. | Dreampurse Technologies Private Limited (Formerly Hip Bar Private Limited) |
The Chief Executive Officer, Dreampurse Technologies Private Limited 404, Uphar II CHS Limited, Plot no.5, BHD Sanjeeva Enclave, 7 Bungalows, J P Road, Versova, Andheri West, Mumbai-61 |
Prepaid Payment Instruments | 22.08.2016 |
| Ebix Payment Services Private Limited (formerly Itz Cash Card Private Limited) |
The Chief Executive Officer, Ebix Payment Services Private Limited 2nd Floor, Manek Plaza, Kalina CST Road, Kolekalyan, Santacruz (East), Mumbai – 400 098 |
Prepaid Payment Instruments known as ‘EBIXCASH’ | 25.08.2009 (Valid upto 30.11.2025) |
|
| 36. | E-Meditek Global Private Limited | The Chief Executive Officer, E-Meditek Global Private Limited, 205A, 2nd Floor, NDM-2, Plot No. D1,2,3 Netaji Subhash Place District Center, Pitam Pura, Delhi – 110034 | Prepaid Payment Instruments | 07.10.2016 (Valid upto 31.12.2024) |
| 37. | Eroute Technologies Private Limited | The Chief Executive Officer, Eroute Technologies Private Limited, Technopolis IT Hub, 5th Floor, C56 A/12, Sector 62, Noida, Gautam Buddha Nagar, Uttar Pradesh – 201 301 | Prepaid Payment Instruments | 10.05.2021 |
| Euronet Services India Private Limited | I-Think Techno Campus, Office No. 1, 8th Floor, Wing A, Off Pokhran Road No. 2, Behind TCS, Eastern Express Highway, Thane (W) – 400607 | Prepaid Payment Instruments | 03.08.2021 | |
| 38. | Garagepreneurs Internet Private Limited | The Chief Executive Officer Garagepreneurs Internet Private Limited Unit No. 2D2, Second Floor, Fortune Central, Dr. B.N Saikia Road, Near Old Regional Passport Office, Guwahati, Beltola, Kamrup, Gmc, Assam, India, 781028. | Prepaid Payment Instruments known as ‘slice’ | 30.08.2023 |
| 39. | Hindon Mercantile Limited | The Chief Executive Officer, 379-380, Third Floor, Agrawal Cyber Plaza- II, Plot No.C-7, Netaji Subhash Place, Pitampura, New Delhi-110034 | Prepaid Payment Instruments | 18.10.2023 |
| 40. | India Transact Services Limited | The Chief Executive Officer, India Transact Services Limited, 14th Floor, Tower 3, Indiabulls Finance Center, S. B. Marg Elphinstone Road (W) Mumbai 400 013 |
Prepaid Payment Instruments known as ‘Ongo’ | 30.05.2014 |
| 41. | LivQuik Technology (India) Private Limited | The Chief Executive Officer, LivQuik Technology (India) Private Limited, C-15, Sriram Nivas, 1st Floor, Secretariat Colony, Thiruvalluvar Nagar, Alandur, Chennai, Tamil Nadu, India – 600 016 |
Prepaid Payment Instruments known as QuikWallet/ LivQuik | 08.08.2016 (Valid upto 30.09.2024) |
| 42. | Manappuram Finance Limited | The Chief Executive Officer, Manappuram Finance Limited, Manappuram House, P.O. Valappad, Thrissur, Kerala – 680 567 | Prepaid Payment Instruments | 08.02.2017 (Valid upto 31.03.2025) |
| 43. | MobilePe Fintech Private Limited | The Chief Executive Office, MobilePe Fintech Private Limited, Plot No 42, 4th Floor, Block B, Pocket 10, Sector 13, Dwarka, New Delhi – 110078 | Prepaid Payment Instruments | 08.06.2023 |
| 44. | Mpurse Services Pvt. Ltd. | The Chief Executive Officer, Mpurse Services Pvt. Ltd., Plot-2A, 1st Floor, KH No. 294, Kehar Singh State, Saidulajb Village, Lane No.2, Saket, New Delhi-110030 |
Prepaid Payment Instruments known as ‘mpurse wallet’ | 30.06.2014 (Valid upto 30.06.2024) |
| 45. | Nucleus Software Exports Limited | The Chief Executive Officer, Nucleus Software Exports Limited, 33-35, Thyagraj Market, New Delhi – 110 003 | Prepaid Payment Instruments known as ‘PaySe’ | 22.03.2017 (Valid upto 31.03.2025) |
| 46. | Obopay Mobile Technology India Private Limited | The Chief Executive Officer, Obopay Mobile Technology India Private Limited, No. 201, 2nd Floor, Touchdown, No. 1&2, HAL Industrial Area, Bangalore – 560037 | Prepaid Payment Instruments | 17.10.2017 (Valid up to 31.12.2024) |
| 47. | Ola Financial Services Pvt. Ltd. (formerly ZipCash Card Services Private Limited) |
The Director, Ola Financial Services Pvt. Ltd., 323, Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West) Mumbai 400 080 |
Prepaid Payment Instruments known as ‘Ola Money Wallet’ | 29.10.2009 (Valid upto 31.10.2024) |
| One Mobikwik Systems Limited | The Chief Executive Officer, One Mobikwik Systems Limited, – Unit No. 102, 1st Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, Haryana-122003, India | Prepaid Payment Instruments known as ‘Mobikwik Wallet’ | 18.07.2013 (Valid upto 30.09.2024) |
|
| 48. | Paul Merchants Finance Private Limited (formerly Paul Fincap Pvt. Ltd.) | The Chief Executive Officer, Paul Merchants Finance Private Limited, Ground Floor SCO 829-830, Sector 22-A, Chandigarh 160 022 |
Prepaid Payment Instruments known as ‘Paul Pay’ | 04.06.2015 (Valid upto 30.06.2025) |
| PayU Payments Private Limited | The Chief Executive Officer, PayU Payments Private Limited, 801, 8th Floor, Empressa Building, 2nd Road, Khar West, Mumbai – 400052 | Prepaid Payment Instruments | 25.07.2016 | |
| 49. | Pay Point India Network Private Limited | The Chief Executive Officer, Pay Point India Network Private Limited, A-203, Supreme Business Park, Hiranandani Gardens Behind Lake Castle, Powai, Mumbai – 400076. | Prepaid Payment Instruments known as ‘DIGIKHATA’ | 03.04.2012 |
| Phonepe Private Limited (formerly FX Mart Pvt. Ltd.) | The Chief Executive Officer, Phonepe Private Limited, Office 2, Floor 4,5,6 and 7, Wing A, Block A, Salarpuria Softzone, Service road, Green Glen Layout, Bellandur, Bangalore South, Bangalore, Karnataka- 560103 | Prepaid Payment Instruments known as ‘PhonePe’ | 25.08.2014 (Valid upto 31.08.2024) |
|
| 50. | Pine Labs Private Limited | The Chief Executive Officer, Unitech Infospace, 2nd and 3rd Floor, Building – 2, Plot No. B2, Sector – 62, Noida – 201301 | Prepaid Payment Instruments | 10.03.2017 |
| 51. | Pluxee India Private Limited (formerly Sodexo SVC India Pvt. Ltd.,) | The Chief Executive Officer, Pluxee India Private Limited., 503 & 504, 5th Floor, B Wing, Hiranandani Fulcrum, Sahar Road, Andheri East, Mumbai – 400099 | Prepaid Payment Instruments known as ‘Pluxee’ | 25.08.2009 |
| 52. | Premium eBusiness Ventures Private Limited | The Chief Executive Officer, Premium eBusiness Ventures Private Limited, 42, Navketan Industrial Estate, Mahakali Caves Road, Andheri (East) Mumbai 400 093 |
Prepaid Payment Instruments | 18.12.2014 |
| 53. | RapiPay Fintech Private Limited (formerly Virgosoft IT Services Private Limited) |
The Chief Executive Officer, RapiPay Fintech Pvt. Ltd., 2nd Floor, DLF Centre, Sansad Marg, New Delhi – 110001. | Prepaid Payment Instruments | 27.02.2017 (Valid upto 31.03.2025) |
| 54. | Razorpay Technologies Private Limited | The Chief Executive Officer, Razorpay Technologies Private Limited, 1st Floor, SJR Cyber 22, Laskar Hosur Road, Adugodi, Bengaluru – 560030 | Prepaid Payment Instruments | 25.10.2021 |
| 55. | Smart Payment Solutions Pvt. Ltd. | The Chief Executive Officer, Smart Payment Solutions Pvt. Ltd. 138, 4th Floor, Udyog Vihar, Phase I, Gurgaon, Haryana – 122016. | Prepaid Payment Instruments known as ‘Payworld Money’ | 30.06.2010 |
| Spice Money Limited | The Chief Executive Officer, Spice Money Limited, 19A & 19B, 4th Floor, Global Knowledge Park, Sector 125, Noida – 201301 |
Prepaid Payment Instruments | 09.04.2015 (Valid up to 30.06.2024) |
|
| 56. | Transaction Analysts (India) Private Ltd. | The Chief Executive Officer, Transaction Analysts (India) Private Limited, D No 4, Sathyam Arcade, 1st Floor, 1st Phase, 100 Feet Road, BTM Layout 2nd Stage, Bangalore 560 076 |
Prepaid Payment Instruments known as ‘Transaction Assured’ | 07.03.2014 |
| 57. | Transcorp International Limited | The Chief Executive Officer, Transcorp International Limited, Plot No 3, HAF Pocket, Sector 18A, Phase II, Dwarka, New Delhi. | Prepaid Payment Instruments | 26.08.2016 |
| 58. | Transerv Limited | The Chief Executive Officer, Transerv Limited, 1002-B, 10th Floor, Tower 1, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (W), Mumbai – 400 013 |
Prepaid Payment Instruments known as ‘dhani pay’ | 22.02.2016 |
| 59. | Tri O Tech Solutions Private Ltd. | The Chief Executive Officer, Tri O Tech Solutions Private Limited, 5th Floor, Punj Essen House, 17-18, Nehru Place, New Delhi – 110019 | Prepaid Payment Instruments | 18.01.2017 |
| 60. | Unimoni Financial Services Limited (formerly UAE Exchange & Financial Services Ltd.) | The Country Head- India, UAE Exchange & Financial Services Ltd., Third Floor, Airline Building Opp. Maharaja college Ground, M G Road, Kochi 682 011. |
Prepaid Payment Instruments m-wallet known as ‘Unimoni’ | 29.10.2009 (Valid upto 31.10.2024) |
| 61. | Uniorbit Payment Solutions Private Limited (formerly Weizmann Impex Service Enterprise Limited) | The Chief Executive Officer, Uniorbit Payment Solutions Private Limited, Indiqube-Sigma, A Wing, 3/B, Floor 3, Kormangla, Industrial Layout, Koramangala, Bangalore South, Bangalore- 560034, Karnataka, India | Prepaid Payment Instruments | 11.12.2015 |
| Payment Aggregators- Online | ||||
| Amazon Pay (India) Private Limited | The Chief Executive Officer, Amazon Pay (India) Private Limited, 8th floor, Brigade Gateway, 26/1, Dr. Raj Kumar Road, Bengaluru, Karnataka- 560055 | Online Payment Aggregator- ‘Amazon Pay’ | 20.02.2024 | |
| 62. | Boku Network Services IN Private Limited | The Chief Executive Officer, Boku Network Services IN Private Limited, 501/B, 5th Floor, Opposite City Mall, New Link Road, Veera Desai Road, Andheri (W), Mumbai, Maharashtra, 400053 | Online Payment Aggregator- ‘Boku’ | 05.04.2024 |
| 63. | Cashfree Payments India Private Limited | The Chief Executive Officer, Cashfree Payments India Private Limited, No.6/B, Vaishnavi Summit, 1st Floor, 7th Main, 80 ft road, Koramangala 3rd block, Bengaluru, Karnataka- 560034 | Online Payment Aggregator- ‘Cashfree’ | 19.12.2023 |
| 64. | Computer Age Management Services Limited | The Chief Executive Officer, Computer Age Management Services Limited, New No.10, Old No. 178, M.G.R. Salai, Nungambakkam, Chennai, Tamil Nadu- 600034 | Online Payment Aggregator- ‘CAMSPay’ | 10.04.2024 |
| 65. | Concerto Software and Systems Private Limited | The Chief Executive Officer, Concerto Software and Systems Private Limited, Building No.305, 2nd Floor, Millennium Business Park, Sector 02, Mahape, Navi Mumbai, Maharastra- 400710 | Online Payment Aggregator- ‘VegaaH’ | 12.03.2024 |
| 66. | Decfin Tech Private Limited | The Chief Executive Officer, Decfin Tech Private Limited, No.421/ J, Binnamangala, Indiranagar, Bengaluru, Karnataka- 560038 | Online Payment Aggregator- ‘Decentro’ | 06.02.2024 |
| 67. | Digiotech Solutions Private Limited | The Chief Executive Officer, Digiotech Solutions Private Limited, C-1603, Oak Block, Salarpuria Greenage Apartments, Bommanahalli, Hosur Main Road, Bengaluru- 560068 | Online Payment Aggregator- ‘Digio’ | 01.01.2024 |
| 68. | Finacus Solutions Private Limited | The Chief Executive Officer, Finacus Solutions Private Limited, 7-C, Senior Estate, Near Sona Udyog, Parsi Panchayat Road, Andheri East, Mumbai- 400069 | Online Payment Aggregator- ‘Finacus’ | 19.03.2024 |
| 69. | Google India Digital Services Private Limited | The Chief Executive Officer, Google India Digital Services Private Limited, 5th Floor, DLF centre, Block 124, Narindra Place, Sansad Marg, New Delhi- 110001 | Online Payment Aggregator | 19.12.2023 |
| 70. | GVP Infotech Limited | The Chief Executive Officer, GVP Infotech Limited, Office No.710, Naurang House, Kasturba Gandhi Road, Connaught Place, New Delhi- 110001 | Online Payment Aggregator-‘Arthpay’ | 29.01.2024 |
| Infibeam Avenues Limited | The Chief Executive Officer, Infibeam Avenues Limited, 28th Floor, GIFT Two building, Block No. 56, Road-5C, Zone-5, Gandhinagar, Gujarat- 382355 | Online Payment Aggregator- ‘CCAvenue’ | 04.03.2024 | |
| 71. | Innoviti Technologies Private Limited | The Chief Executive Officer, Innoviti Technologies Private Limited, Tower-C, 2nd Floor, Diamond District, Old Airport Road, Kodihalli, Bengaluru, Karnataka- 560008 | Online Payment Aggregator- ‘Link’ | 22.03.2024 |
| 72. | Juspay Technologies Private Limited | The Chief Executive Officer, Juspay Technologies Private Limited, Stallion Business Centre, No.444, 3rd and 4th Floor, 18th Main, 6th Block, Koramangala, Bengaluru- 560095 | Online Payment Aggregator | 06.02.2024 |
| 73. | Mswipe Technologies Private Limited | A-2602, 26th Floor , Marathon Futurex Mafatlal Mills Compound, NM Joshi Marg Lower Parel, Mumbai – 400013 | Online Payment Aggregator- ‘Mswipe’ | 16.02.2024 |
| 74. | Nehat Tech Solutions Private Limited | The Chief Executive Officer, Nehat Tech Solutions Private Limited, 91, SpringBoard, 175, Kagalwala House, 2nd Floor, Kalina, Santacruz (E), Mumbai- 400098 | Online Payment Aggregator- ‘Olympus’ | 19.12.2023 |
| 75. | Open Financial Technolgies Private Limited | The Chief Executive Officer, Open Financial Technologies Private Limited, 3rd Floor, Tower 02, RGA, Techpark, 18, Sarjapur Road, Carmelaram, Hadosiddapura, Doddakanneli, Bengaluru- 560035 | Online Payment Aggregator- ‘Open’ | 19.12.2023 |
| 76. | Payment Gateway Solutions Private Limited | The Chief Executive Officer, Payment Gateway Solutions Private Limited, 69, 3rd Floor, Aditya Industrial Estate, Plot No.444, Chincholi Bhandar, Malad West Mumbai- 400064 |
Online Payment Aggregator- ‘Paymentz’ | 19.12.2023 |
| 77. | R360 Payment Services Private Limited | The Chief Executive Officer, R360 Payment Services Private Limited, Fortune Summit Business Park, 6th Floor, Ward No.174, 6th sector, HSR Layout, Roopena Agrahera, Bengaluru, Karnataka- 560068 | Online Payment Aggregator- ‘R360Pay’ | 19.12.2023 |
| 78. | Razorpay Software Private Limited | The Chief Executive Officer, Razorpay Software Private Limited, 1st floor, SJR Cyber 22, Laskar Hosur road, Adugodi, Bengaluru- 560030 | Online Payment Aggregator- ‘Razorpay’ | 19.12.2023 |
| 79. | Stripe India Private Limited | The Chief Executive Officer, Stripe India Private Limited, WeWork Pavilion, 2nd floor, Church Street, Haridevpur, Shanthala Nagar, Ashok Nagar, Mahatma Gandhi Road, Bengaluru, Karrnataka, India- 560001 | Online Payment Aggregator- ‘Stripe’ | 15.01.2024 |
| 80. | Tata Payments Limited | The Managing Director, Tata Payments Limited, Army and Navy Building, 148, M G Road, Opp. Kala Ghoda, Fort, Mumbai- 400001 | Online Payment Aggregator- ‘ Tata Pay’ | 01.01.2024 |
| 81. | Toucan Payments (India) Private Limited | The Chief Executive Officer, Toucan Payments (India) Private Limited, Plot No.45, Phase-I, Kavuri Hills,Madhapur, Hyderabad, Telangana- 500033 | Online Payment Aggregator – ‘ToucanPay’ | 27.02.2024 |
| 82. | Unlimint IN Private Limited | The Chief Executive Officer, Unlimint IN Private Limited, Wing No.01, 14th Floor, AIPL Business Club, Sector-62, Gurugram, Haryana- 122018 | Online Payment Aggregator- ‘Unlimit’ | 23.04.2024 |
| 83. | Zoho Payment Technologies Private Limited | The Chief Executive Officer, Zoho Payment Technologies Private Limited, Old 173/2, New 361, Avvai Shanmugam Salai Gopalapuram, Chennai, Tamil Nadu- 600086 | Online Payment Aggregator- ‘Zoho’ | 02.02.2024 |
| 84. | Zomato Payments Private Limited | The Chief Executive Officer, Zomato Payments Private Limited, T-19, Basement, Green Park Main, South Delhi, Delhi- 110016 | Online Payment Aggregator- ‘Zomato Pay’ | 24.01.2024 |
| White Label ATM Operators | ||||
| 85. | India1 Payments Limited (formerly BTI Payments Pvt. Ltd.) | The Chief Executive Officer, India1 Payments Limited, Unit No. 801 to 810, 8th Floor, Tower “B”, Diamond District, #150, Old Airport Road, Bengaluru – 560008 |
Installation and operation of WLAs | 12.02.2014 |
| 86. | Hitachi Payment Services Pvt. Ltd. | The Managing Director, Hitachi Payment Services Pvt. Ltd., 3rd Floor, Silver Metropolis, Jai Coach Compound, Western Express Highway, Goregaon East, Mumbai 400 063. |
Installation and operation of WLAs known as ‘Money Spot’ |
25.11.2013 |
| 87. | Tata Communications Payment Solutions Ltd. | The Chief Executive Officer; Tata Communications Payment Solutions Limited; Plot No. C- 21, B Block, Bandra Complex, Bandra East, Mumbai- 400098. | Installation and operation of WLAs | 03.05.2013 (Valid upto 30.06.2024) |
| 88. | Vakrangee Limited | The Managing Director, Vakrangee Limited, Vakrangee House, Plot No 93, Road No. 16, M.I.D.C Marol, Andheri (East) Mumbai-400 093 |
Installation and operation of WLAs | 23.01.2014 (Valid upto 31.03.2025) |
| Instant Money Transfer | ||||
| 89. | Boson Systems Private Limited (formerly Empays Payment Systems India Pvt. Ltd.) | The Chief Executive Officer Boson Systems Private Limited 216 The Empire Business Centre, Empire Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 | Instant Money Transfer known as ‘IMT’ | 17.11.2014 (Valid upto 15.11.2024) |
| Trade Receivables Discounting System (TReDS) | ||||
| 90. | A.TREDS Limited | The Managing Director and Chief Executive Officer, 11th Floor, A3, Ashar IT Park, Road No 16Z, Wagle Industrial Estate, Thane(W)- 400 604 | TReDS system known as “INVOICEMART” | 29.06.2017 |
| 91. | C2FO Factoring Solutions Private Limited | The Chief Executive Officer, C2FO Factoring Solutions Private Limited, D-26, Basement, Jangpura Extension, New Delhi- 110014 | TReDS system known as ‘C2treds’ | 04.03.2024 |
| 92. | Mynd Solutions Private Limited | The Director Mynd Solutions Private Limited –F-83, East of Kailash, New Delhi – 110 065 |
TReDS system known as M1xchange | 20.03.2017 |
| 93. | Receivables Exchange of India Limited (RXIL) | The Managing Director & Chief Executive Officer, Receivables Exchange of India Limited (RXIL), 701-702, 7th Floor, Supremus – E Wing, I-Think Techno Campus, Kanjurmarg East, Mumbai – 400042 |
TReDS system known as RXIL | 17.05.2017
Note: The entity was granted approval to commence operations w.e.f 01.12.2016 |
B. Certificates of Authorisation Revoked by the Reserve Bank of India in exercise of the powers conferred under the Payment and Settlement Systems Act, 2007
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Dates of Revocation (Date of Authorisation given in brackets) |
| 1. | Kaizen Automation Private Limited | The Director, Kaizen Automation Private Limited, B-601-602, Citi Point, Andheri Kurla Road, J. B. Nagar, Near Kohi-noor Continental Andheri (East), Mumbai – 400 059 | Issuance of Prepaid cards known as ‘Go-Mumbai’ | Revocation order issued on 05.04.2011 (25.08.2009) |
| 2. | Card Pro Solutions Pvt. Ltd. | The Chief Executive Officer, Card Pro Solutions Pvt. Ltd., 135, A to Z Industrial Estate, G K Marg, Lower Parel, Mumbai 400 013 | Prepaid Payment Instruments | Revocation order issued on 12.02.2020 |
| 3. | AGS Transact Technologies Ltd. | The Chairman & Managing Director, AGS Transact Technologies Ltd., 601-602, B-wing, Trade World Kamala City, Senapati Bapat Marg Lower Parel (W) Mumbai 400 013 | Installation and operation of WLAs | Revocation order issued on 04.03.2021 |
| 4. | RiddiSiddhi Bullions Limited | The Chief Executive Officer, RiddiSiddhi Bullions Limited – Bullion House, 115, TambaKatta, Opp. Dagina Bazar, Pydhonie, Mumbai- 400003 |
Installation and operation of WLAs | Revocation order issued on 04.03.2021 |
| 5. | GI Technology Private Limited | The Director, GI Technology Private Limited, No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, Chennai – 600032 |
Prepaid Payment Instruments Card known as ‘I Cash’ | Revocation order issued on 20.10.2022 |
C. Authorised entities whose Payment System operations have ceased
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Operations ceased from |
| 1. | Coinstar Money Transfer (Ireland) Limited, Ireland | The Chief Executive Officer, Coinstar Money Transfer (Ireland) Limited, Suite 404, 22/23, Pembroke Street Dublin 2, Republic of Ireland. | Money Transfer Service – cross border in-bound service (customer to customer) | May 01, 2011 |
| 2. | Done Card Utility Limited | The Director, Done Card Utility Limited, 301, Linkway Estate, Near Chincholi Fire Station, New Link Road, Malad (West), Mumbai – 400064. |
Prepaid payment instruments known as ‘Done Cards’ | November 01, 2013 |
| 3. | OSS Payment Solutions Pvt. Ltd. | The Chief Executive Officer, OSS Payment Solutions Pvt. Ltd.-103, 4th Floor, Aditya Industrial Estate, Behind Chincholi Fire Station, Near Evershine Mall, New Link Road, Malad (W) Mumbai 400 064. |
Prepaid Payment instruments | January 01, 2014 |
| 4. | SREI Infrastructure Finance Ltd. | The Chief Executive Officer, SREI Infrastructure Finance Ltd., Vishwakarma, 86C Topsia Road (South) Kolkata- 700046 | Installation and operation of WLAs | March 31, 2019 |
| 5. | Flytech Aviation Limited | The Chief Executive Officer Flytech Aviation Limited H. No 1-8-303/33, 3rd floor Nagam towers, opp. NTR circle Police lines, Minister Road, Secunderabad Telangana – 500 003 |
Prepaid Payment Instruments | June 30, 2019 |
| 6. | Y-Cash Software Solutions Private Limited | The Chief Executive Officer, Y-Cash Software Solutions Private Limited, VGR Essor, 3rd Floor, No 1140, 17th Cross, 7th Sector, H.S.R. Layout, Bangalore 560 102 Karnataka |
Prepaid Payment Instruments m-wallet known as ‘Y-Pay Cash’ | September 30, 2019 |
| 7. | My Mobile Payments Limited | The Chief Executive Officer, My Mobile Payments Limited, MOM House, Plot No. 61, Ramchandra Lane, Kanchpada, Malad (West), Mumbai 400064 Maharashtra |
Prepaid Payment Instruments known as ‘MOM’ | October 31, 2019 |
| 8. | Aircel Smart Money Limited | The Chief Executive Officer, Aircel Smart Money Limited, 2nd and 5th Floor, Building No 10 A, DLF Cybercity, DLF Phase 2, Gurgaon, Haryana |
Prepaid Payment Instruments | June 30, 2020 |
| 9. | In Cash Me Mobile Wallet Services Private Limited | The Chief Executive Officer, In Cash Me Mobile Wallet Services Private Limited, In Cash Me TM House, 5/B Suhasnagar Society, Behind Income Tax Department, Ashram Road, Ahmedabad, Gujarat – 380 009 |
Prepaid Payment Instruments | June 30, 2020 |
| 10. | Eko India Financial Services Private Limited | The Chief Executive Officer, Eko India Financial Services Pvt. Ltd., 3rd Floor, Phase II, Plot No 34, Institutional Area, Sector 44 Gurgaon 122 003. | Prepaid Payment Instruments | December 31, 2021 |
| 11. | Muthoot Vehicle & Asset Finance Ltd. | The Managing Director, Muthoot Vehicle & Asset Finance Ltd. 1st Floor, Cochin Dental Clinic Bldg. Market Road, Towards Kombara, Kochi 682 014 |
Prepaid Payment Instruments e-wallet known as ‘Muthoot Money’ and m-wallet known as ‘Muthoot wallet’ | December 31, 2021 |
D. Entities whose Certificate of Authorisation to operate a Payment System have been cancelled on account of voluntary surrender by the entity
Sr. No. |
Name of the Entity |
Address of the Principal Office |
Payment System operated |
Cancelled on |
Remarks |
1. |
Federal Bank Ltd. |
Managing Director & CEO, Federal Bank Ltd. Corporate Office Federal Towers Post Box No. 103 Aluva – 68310, Kerala |
ATM sharing with co-operative banks licensed by Reserve Bank under the BR Act, 1949 (AACS) |
January 02, 2017 |
Nil |
2. |
UTI Infrastructure Technology and Services Ltd. |
The Chief Executive Officer, UTI Tower, Plot No. 3, Sector 11, CBD Belapur, Navi Mumbai-400 614 |
Prepaid Payment Instruments known as National Common Mobility Card (NCMC) |
February 07, 2017 |
Nil |
3. |
Citrus Payment Solutions Pvt. Ltd. |
The Chief Executive Officer, Citrus Payment solutions Pvt. Ltd., 302, Swati Building, North Avenue Road, Off Linking Road, Santa Cruz West, Mumbai 400 054 |
Prepaid Payment Instruments known as ‘Citrus Cash’ |
April 19, 2017 |
Nil |
4. |
Beam Money Private Limited nee Suvidha Starnet Pvt. Ltd. |
The Chairman & Managing Director, Beam Money Private Limited, D-128-129, 402 Terrace Floor, Okhla Industrial Area, Phase-I, New Delhi -110 020. |
Prepaid payment instruments known as ‘Beam Money’ |
May 04, 2017 |
Nil |
5. |
Atom Technologies Limited |
The Chief Executive Officer; Atom Technologies Limited, 4th Floor FT Towers, CTS 256 & 257, Suren Road, Chakala, Andheri (E), Mumbai -400093. |
Prepaid payment instruments known as ‘Atom Wallet’ and ‘Aquapay’ |
July 4, 2017 |
Nil |
6. |
Buyindiaonline.com Inc., USA |
The Chief Executive Officer, Buyindiaonline.com Inc.,425, Market Street, 12th floor, San Francisco, CA, 94105, USA. |
MTSS – cross border in-bound service (customer to customer) |
July 31, 2017 |
Nil |
7. |
PayMate India Pvt. Limited |
The Managing Director and CEO PayMate India Pvt. Limited, 111, 1st Floor, A- Wing, Sundervilla, SV Road, Santacruz (W), Mumbai 400 054 |
Prepaid payment instruments known as ‘Paymate Wallet’ |
August 23, 2017 |
Nil |
8. |
Bajaj Finance Limited |
The Chief Executive Officer, Bajaj Finance Limited, 4th Floor, Bajaj Finserv Corporate Office, Off. Pune-Ahmednagar Road, Viman Nagar, Pune – 411014 |
Prepaid Payment Instruments |
February 20, 2018 |
The entity reapplied and was granted authorisation for Issuance and Operation of PPIs on May 4, 2021 |
9. |
Freecharge Payment Technologies Private limited (previously Klickpay Payment Services Private Limited) |
The Chief Executive Officer, Freecharge Payment Technologies Private Limited, 362-363, ASF Centre, Udyog Vihar Phase – IV, Sector – 18, Gurgaon – 122016, Haryana |
Prepaid Payment Instruments |
April 10, 2018 |
Nil |
10. |
Yeldi Softcom Private Limited |
The Chief Executive Officer, Yeldi Softcom Private Limited, AJ-227 (Old No AJ-08), Shanthi Colony Main Road, Anna Nagar, Chennai – 600040 |
Prepaid Payment Instruments |
May 15, 2018 |
Nil |
11. |
The Shamrao Vithal Co-operative Bank Ltd. |
The Chief Executive Officer; The Shamrao Vithal Co-operative Bank Ltd.; SVC Tower, Jawaharlal Nehru Road Vakola–Santacruz (East), Mumbai – 400 055. |
SVC Cache 24 Insta ATM Sharing Arrangement |
April 10, 2018 |
Nil |
12. |
Tech Mahindra Limited (Earlier CanvasM Technologies Ltd. was performing this activity) |
The Chief Executive Officer, Tech Mahindra Limited, A- 20, Sector 60, Noida 201 301 |
Prepaid Payment Instruments (m-wallet) known as ‘MoboMoney’ |
August 28, 2018 |
Nil |
13. |
Tata Tele NXTGEN Solutions Limited (earlier MMP Mobi Wallet Payment Systems Limited) |
The Chief Executive Officer, Tata Tele NXTGEN Solutions Ltd., 10th Floor, Jeevan Bharati, 124, Connaught Circus, New Delhi – 110001 |
Prepaid Payment Instruments known as ‘mRupee’ |
November 14, 2018 |
Nil |
14. |
Pyro Networks Pvt. Ltd. |
The Chief Executive Officer, Pyro Telecommunications Ltd., 8-2-293/82, Plot No. 264/A-31, Road # 92, Jubilee Hills, Hyderabad-500033, Andhra Pradesh |
Prepaid Payment Instruments m-wallet known as ‘SpeedPay’ |
March 30, 2019 |
Nil |
15. |
Supreme Securities Limited |
The Chief Executive Officer, Supreme Securities Limited, 3rd Floor, R.D.Chambers, 16/11, Arya Samaj Road, Karol Bagh, New Delhi |
Prepaid Payment Instruments |
August 02, 2019 |
Nil |
16. |
Vodafone m-pesa Limited (Earlier Mobile Commerce Solutions Ltd. was performing this activity) |
The Chief Executive Officer, Vodafone m-pesa Limited, 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli Mumbai – 400030 Maharashtra |
Prepaid Payment Instruments known as ‘Vodafone M-pesa’ |
September 30, 2019 |
Nil |
17. |
Delhi Integrated Multi- Modal Transit System Limited |
The Chief Executive Officer, Delhi Integrated Multi-Modal Transit System Limited, 1st floor, Maharana Pratap ISBT Building, Kashmere Gate, Delhi – 110 006 |
Prepaid Payment Instruments |
July 10, 2020 |
Customers or merchants having a valid claim, if any, on Delhi Integrated Multi-Modal Transit System Limited, as a PSO, can approach the company for settlement of their respective claims within three years from the date of this cancellation i.e. upto 10.07.2023 |
18. |
DigitSecure India Private Limited |
The Chief Executive Officer, DigitSecure India Private Limited, Plot No: 1303 and 1304, 4th Floor, Khanamet, Hitech City, Ayappa Society, Madhapur, Hyderabad – 500 081. |
Prepaid Payment Instruments e-wallet known as ‘HotRemit’ |
September 30, 2020 |
Customers or merchants having a valid claim, if any, on DigitSecure India Private Limited, as a PSO, can approach the company for settlement of their respective claims within three years from the date of this cancellation i.e. upto 30.09.2023 |
19. |
Kedia Infotech Ltd. |
The Chief Executive Officer Kedia Infotech Ltd. 518, 5th Floor Swapnalok Complex S D Road Secunderabad 500 003 |
Prepaid Payment Instruments known as ‘Etran Wallet’ |
September 30, 2020 |
Customers or merchants having a valid claim, if any, on Kedia Infotech Ltd., as a PSO, can approach the company for settlement of their respective claims within three years from the date of this cancellation i.e. upto 30.09.2023 |
20. |
Muthoot Finance Ltd. |
The Managing Director, Muthoot Finance Ltd. 2nd Floor, Muthoot Chambers, Banerji Road, Kochi-682018, Kerala |
Installation and operation of WLAs |
September 30, 2020 |
Nil |
21. |
Oxigen Services (India) Private Limited |
The Chief Executive Officer, Oxigen Services (India) Private Limited, 36, 2nd Floor, Gola Market, Behind Golcha Cinema, Daryaganj, New Delhi, Central Delhi, DL 110002 IN |
Prepaid Payment Instruments known as ‘Oxigen Wallets’ |
December 31, 2020 |
Customers or merchants having a valid claim, if any, on Oxigen Services (India) Private Limited, as a PSO, can approach the company for settlement of their respective claims within three years from the date of this cancellation i.e.upto 31.12.2023 |
22. |
Edenred (India) Private Limited – nee Accor Services Pvt. Ltd. |
The Managing Director & Chief Executive Officer, Edenred (India) Private Ltd; Kalpataru Prime, Unit 3 & 4, Level 4, Road No. 16, Wagale Industrial Estate, Thane (West) – 400 604 |
Meal and gift paper vouchers, meal and cafeteria cards, gift cards. The products are mainly under the brand name ‘Ticket/Ticket Restaurant/Ticket Compliments’ |
April 30, 2021 |
Customers or merchants having a valid claim, if any, on Edenred (India) Private Limited, as a PSO, can approach the company for settlement of their respective claims within three years from the date of this cancellation i.e.upto 30.04.2024 |
23. |
Fast Encash Money Transfer Services Ltd. |
The Chief Executive Officer, 144, High Street North, London E6 2HT |
MTSS- cross border in-bound service (customer to customer) |
March 31, 2023 |
Nil |
24. |
Oxigen Services (India) Pvt Ltd |
The Chief Executive Officer, Oxigen Services (India) Private Limited, 36, 2nd Floor, Gola Market, Behind Golcha Cinema, Daryaganj, New Delhi, Central Delhi, DL 110002 IN |
Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS) |
June 01, 2023 |
Nil |
E. Entities whose Certificate of Authorisation to operate a Payment System have been cancelled as per regulatory requirement
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Cancelled on | Remarks |
| 1. | Airtel M Commerce Services Ltd. | The Chief Executive Officer; Airtel M Commerce Services Ltd. Airtel Center, Plot No. 16, 6th Floor, Udyog Vihar, Phase -4, Gurgaon Haryana – 122001. |
Prepaid payment instruments known as Stored Value Card Wallet (SCW) ‘Airtel Money’ | 8.3.2017 | The entity has converted to Airtel Payments Bank Limited (APBL) which has been permitted to continue the PPI business. |
| 2. | One97 Communications Ltd. | The Chief Executive Officer, One97 Communications Ltd., B- 121, Sector 5, Noida, 201 301 Uttar Pradesh |
Mobile based Prepaid Payment Instruments m- Wallet known as ‘Paytm wallet’ | 25.07.2017 | The entity has transferred its PPI business (Paytm wallet) to Paytm Payments Bank Limited (PPBL) as permitted by RBI. |
| 3. | Fino Paytech Ltd. (Earlier Alpha Payment Services India Pvt. Ltd.(erstwhile Nokia Mobile Payment Services India Pvt. Ltd.) was performing this activity) | The Chief Executive Officer, FINO Paytech Ltd., Shree Sawan Knowledge Park, 2nd Floor, D 507 TTC Indl. Area MIDC Turbhe, Navi Mumbai |
Prepaid Payment Instruments | 06.10.2017 | The entity has transferred its PPI business to the FINO Payments Bank Ltd as permitted by RBI. |
| 4. | Idea Mobile Commerce Services Ltd. | The Chief Executive officer, Idea Mobile Commerce Services Ltd., 5th Floor, “Windsor”, Off C.S.T. Road, Kalina, Santacruz (East), Mumbai 400 098 |
Prepaid Payment Instruments known as ‘Idea Money’ | 13.05.2018 | The entity has transferred its PPI business to the Aditya Birla Idea Payments Bank Ltd as permitted by RBI. |
| 5. | Reliance Payment Solution Limited | The Chief Executive Officer, Reliance Payment Solution Limited, 5th Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai 400 002 |
Prepaid Payment Instruments known as ‘Jio Money’ | 31.05.2018 | The entity has transferred its PPI business to the Jio Payments Bank Ltd as permitted by RBI. |
| 6. | QwikCilver Solutions Pvt. Ltd. | The Chief Executive Officer, QwikCilver Solutions Pvt. Ltd., No.111, 1st Floor, ‘Brigade Manae Court’, Industrial Layout, Koramangala, 5th Block, Bangalore – 560 095 |
Prepaid Payment Instruments, Co-branded gift card known as ‘Issued by QwikCilver’ | May 26, 2023 | The entity has transferred its PPI business to Pine Labs Private Limited. |
f. Entities whose Certificate of Authorisation to operate a Payment System is under process of cancellation as per regulatory requirement/Voluntary Surrender
| Sr. No. | Name of the Entity | Address of the Principal Office | Payment System operated | Remarks |
| – | – | – | – | – |
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