OBOPAY, the global mobile payment solutions company, has announced that the company has secured a licence for Prepaid Payment Instrument (PPI) from the Reserve Bank of India (RBI) to operate a semi-closed loop wallet in the country. The company said it would also be using the licence to increase business in its B2B (business-to-business) operations by co-branding the prepaid instrument with a partner brand.
The PPI licence combined with our technology expertise can be leveraged by organisations like financial institutions, or even independents who want to launch a mobile wallet. We are exploring partnerships with companies in sectors including SME (small and medium enterprises) lending, government subsidy disbursement, health and insurance payments, travel wallets, employee benefits, distribution and supply chain payments, shopping, toll plazas and education among others.
In the future, we will also be integrating our platform with UPI (Unified Payments Interface) as per the RBI’s latest interoperability guidelines. Customers on the OBOPAY platform will soon be able to transact with a variety of other platforms: other mobile wallets, UPI, banks etc. The PPI licence can be implemented in a variety of industry segments. The licence will enable the customers to do everything a prepaid payment instrument does: P2P, cash-in, bill payments, mobile recharge, and shopping.