Prepaid Payment Instruments in India
Prepaid payment instruments are methods that facilitate purchase of goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card.[1]
The prepaid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, online wallets, mobile accounts, mobile wallets, paper vouchers and any such instruments used to access the prepaid amount.[1]
Categories of Prepaid Payment Instruments[edit]
The prepaid payment instruments that can be issued in the country are classified under following categories:[1]
Closed System Payment Instruments[edit]
These are payment instruments issued by a person for facilitating the purchase of goods and services from him/her/them/it.
Semi-Closed System Payment Instruments[edit]
These payment instruments are redeemable at a group of clearly identified merchants that contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the holder.
Semi-open System Payment Instruments[edit]
These are payment instruments that can be used to purchase goods and services at any card-accepting merchant locations (Point of sale terminals). These instruments do not permit cash withdrawal or redemption by the holder.
Open System Payment Instruments[edit]
These payment instruments can be used for purchase of goods and services and also permit cash withdrawal at ATMs, Merchant Local Locations, and automated business correspondents.
Mobile Prepaid Instruments[edit]
These are prepaid talk time instruments issued by mobile service providers. This talk time value can also be used to purchase 'value added service' from the mobile service provider or third-party service providers.
Eligibility[edit]
Source:[1]
- Banks and Non-Banking Financial Companies (NBFC), who comply with the eligibility criteria, would be permitted to issue all categories of prepaid payment instruments.
- Only banks permitted to provide Mobile Banking Transactions by the Reserve Bank of India shall be permitted to launch mobile based prepaid payment instruments.
- Other entities would be permitted to issue only closed system prepaid payment instruments and semi-closed system prepaid payment instruments.
- Mobile Service Providers are permitted to issue mobile prepaid value. In addition to talk-value the use of such prepaid value as a payment instrument shall be restricted to the purchase of only such value added digital contents or services for use on the mobile phones. The use of mobile prepaid value for purchase of other goods and services shall not be permitted.
List of authorized Prepaid Payment Instruments in India[edit]
There are about 43 authorized prepaid payment instruments registered in India. Complete list can be accessed on publication issued by Reserve Bank of India.[2]
| 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) |
|---|---|---|---|---|
| 1 | Eroute Technologies Private Limited | The Chief Executive Officer,
Eroute Technologies Pvt. Ltd. C 56 A/12, 8th Floor, Technopolis IT Hub, Sector 62, Noida, Uttar Pradesh 201301 |
Pre-paid Payment Instruments known as 'Omnicard' | 10.05.2021 |
| 2 | 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 |
Pre-paid Payment Instruments | 04.06.2015
(Valid to 30.06.2020) |
| 3 | 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 |
Pre-paid Payment Instruments known as “Amazon Pay balance: Money” | 22.03.2017
(Valid up to 31.03.2022) |
| 4 | 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 | Pre-paid Payment Instruments | 22.03.2017
(Valid Up to 31.03.2022) |
| 5 | Balancehero India Private Limited | The Chief Executive Officer, Balancehero India Private Limited, Office No – 121, 2nd Floor, Sector 44, Gurugram, Haryana - 122003 | Pre-paid Payment Instruments | 18.07.2017
(Valid up to 30.09.2022) |
| 6 | 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 |
Pre-paid Payment Instruments | 04.06.2015
(Valid up to 30.06.2020) |
| 7 | 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 |
Pre-paid Payment Instruments | 27.08.2015
(Valid up to 30.09.2020) |
| 8 | Delhi Metro Rail Corporation Limited | The Chief Executive Officer, Delhi Metro Rail Corporation Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001 | Pre-paid Payment Instruments for Mass Transit Systems | 20.02.2017
(Valid up to 31.03.2022) |
| 9 | 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. |
Pre-paid Payment Instruments e-wallet known as ‘HotRemit' | 23.07.2012
(Valid to 30.09.2020) |
| 10 | Edenred (India) Private Limited – formerly Accor Services Pvt. Ltd. | The Managing Director & Chief Executive Officer,
Edenred (India) Private Ltd; Camera House, Majiwade Village Road Majiwade, Thane (W) 400 601. |
Meal and gift paper vouchers, meal and cafeteria cards, gift cards. The products are mainly under the brand name ‘Ticket/Ticket Restaurant/Ticket Compliments’ | 29.10.2009
(Valid up to 30.04.2020) |
| 11 | 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. |
Pre-paid Payment Instruments | 25.03.2015
(Valid up to 31.03.2020) |
| 12 | E-Meditek Global Private Limited | The Chief Executive Officer, E-Meditek Global Private Limited, Plot No. 577, Udyog Vihar, Phase –V, Gurgaon, Haryana - 122016 | Pre-paid Payment Instruments | 07.10.2016
(Valid up to 31.12.2021) |
| 13 | GI Technology Private Limited | The Director,
GI Technology Private Limited, Unit No. 301 & 302, 3rd Floor, Campus 3B, RMZ Millenia, Business Park, 11, MGR Main Road, Perungudi, Chennai – 600 096 |
Pre-paid Payment Instruments Card known as 'I Cash' | 29.10.2009
(Valid up to 31.12.2022) |
| 14 | Hip Bar Private Limited | The Chief Executive Officer,
Hip Bar Private Limited, 34, (First Floor), 4th Main Road, Gandhi Nagar, Adyar, Chennai – 600 020 |
Pre-paid Payment Instruments | 22.08.2016
(Valid up to 30.09.2021) |
| 15 | InCashMe Mobile Wallet Services Private Limited | The Chief Executive Officer,
InCashMe Mobile Wallet Services Private Limited, InCashMeTM House, 5/B Suhasnagar Society, Behind Income Tax Department, Ashram Road, Ahmedabad, Gujarat – 380 009 |
Pre-paid Payment Instruments | 06.04.2018
(Valid up to 30.06.2020) |
| 16 | India Transact Services Limited | The Chief Executive Officer,
India Transact Services Limited, ITSL, 14th Floor, Tower 3, Indiabulls Finance Center, S. B. Marg Elphinstone Road (W) Mumbai 400 013 |
Pre-paid Payment Instruments known as ‘Ongo’ | 30.05.2014
(Valid up to 31.05.2020) |
| 17 | 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 |
Pre-paid Payment Instruments known as ‘EBIXCASH’ | 25.08.2009
(Valid up to 30.11.2020) |
| 18 | Kedia Infotech Ltd. | The Chief Executive Officer
Kedia Infotech Ltd. 518, 5th Floor Swapnalok Complex S D Road Secunderabad 500 003 |
Pre-paid Payment Instruments known as ‘Etran Wallet’ | 29.07.2015
(Valid up to 30.09.2020) |
| 19 | LivQuik Technology (India) Private Limited | The Chief Executive Officer,
LivQuik Technology (India) Private Limited, Unit No.206, B Wing, Supreme Business Park, Hiranandani Garden, Powai, Mumbai 400076 |
Pre-paid Payment Instruments | 08.08.2016
(Valid up to 30.09.2021) |
| 20 | Manappuram Finance Limited | The Chief Executive Officer, Manappuram Finance Limited, Manappuram House, P.O. Valappad, Thrissur, Kerala - 680 567 | Pre-paid Payment Instruments | 08.02.2017
(Valid up to 31.03.2022) |
| 21 | Mpurse Services Pvt. Ltd. | The Chief Executive Officer,
Mpurse Services Pvt. Ltd., Pocket B-4, H. No. 38, Sector – 7, 2nd Floor, Rohini, North West Delhi, Delhi – 122 001 |
Pre-paid Payment Instruments known as ‘mpurse wallet’ | 30.06.2014
(Valid up to 30.06.2020) |
| 22 | 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 |
Pre-paid Payment Instruments e-wallet known as ‘Muthoot Money’ and m-wallet known as ‘Muthoot wallet’ | 29.10.2009
(Valid up to 31.12.2021) |
| 23 | Nucleus Software Exports Limited | The Chief Executive Officer, Nucleus Software Exports Limited, 33-35, Thyagraj Market, New Delhi – 110 003 | Pre-paid Payment Instruments known as ‘PaySe’ | 22.03.2017
(Valid up to 31.03.2022) |
| 24 | Obopay Mobile Technology India Private Limited | The Chief Executive Officer, Obopay Mobile Technology India Private Limited,
#150, Diamond District, 6th Floor, Tower C, HAL Old Airport Road, Kodihalli, Bangalore - 560 008 |
Pre-paid Payment Instruments | 17.10.2017
(Valid up to 31.12.2022) |
| 25 | One Mobikwik Systems Private Limited | The Chief Executive Officer,
One Mobikwik Systems Private Limited, 6th Floor, Good Earth Business Bay, Sector 58, Gurugram 122011, Haryana |
Pre-paid Payment Instruments known as ‘Mobikwik Wallet’ | 18.07.2013
(Valid up to 30.09.2020) |
| 26 | Oxigen Services (India) Pvt. Ltd. | The Chief Executive Officer, Oxigen Services (India) Pvt Ltd.
2nd Floor, Building 77 B, Shaheed Ripon Katyal Marg, Sector 18, Gurugram - 122015 |
Pre-paid Payment Instruments known as ‘Oxigen Wallets’ | 18.01.2010
(Valid up to 31.12.2020) |
| 27 | Paul Merchants Finance Private Limited (formerly Paul Fincap Pvt. Ltd.) | The Chief Executive Officer,
Paul Fincap Pvt. Ltd., SCO 829-830, Sector 22-A, Chandigarh 160 022 |
Pre-paid Payment Instruments known as ‘Paul Pay’ | 04.06.2015
(Valid up to 30.06.2020) |
| 28 | PayU Payments Private Limited | The Chief Executive Officer,
2nd Floor, P & G Plaza, Cardinal Gracious Road, Chakala, Andheri (East), Mumbai - 400099 |
Pre-paid Payment Instruments | 25.07.2016
(Valid up to 30.09.2021) |
| 29 | Pay Point India Network Private Limited | The Chief Executive Officer,
Pay Point India Network Private Limited, 108-109, B-Wing, Everest Grande, Opp. Ahura Centre, Mahakali Road, Andheri (East), Mumbai 400093 |
Pre-paid Payment Instruments known as 'Pay Pointz' | 03.04.2012
(Valid up to 31.12.2020) |
| 30 | Phonepe Private Limited (formerly named as FX Mart Pvt. Ltd) | The Chief Executive Officer,
Phonepe Private Limited, A 41, Mohan Cooperative Industrial Area, 2nd Floor, Main Mathura Road, South Delhi, New Delhi – 110 044 India |
Pre-paid Payment Instruments known as ‘PhonePe’ | 25.08.2014
(Valid up to 31.08.2022) |
| 31 | Pine Labs Private Limited | The Chief Executive Officer, Unitech Infospace, 2nd and 3rd Floor, Building – 2, Plot No. B2, Sector – 62, Noida – 201301 | Pre-paid Payment Instruments | 10.03.2017
(Valid up to 31.03.2022) |
| 32 | 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 |
Pre-paid Payment Instruments | 18.12.2014
(Valid up to 31.03.2020) |
| 33 | QwikCilver Solutions Pvt. Ltd. | The Chief Executive Officer,
QwikCilver Solutions Pvt. Ltd., #104, 1st Main, Vijay Jatti Building, 3rd Floor, 5th Block, Kormangla Industrial Estate,;Bangalore 560095. |
Pre-paid Payment Instruments, Co-branded gift card known as ‘Issued by QwikCilver’ | 06.08.2013
(Valid up to 30.09.2020) |
| 34 | RapiPay Fintech Private Limited
(formerly Virgosoft IT Services Private Limited) |
The Chief Executive Officer,
RapiPay Fintech Pvt. Ltd. Flat No.912-A, Ansal Bhawan, 16, Kasturba Gandhi Marg,New Delhi – 110 044 |
Pre-paid Payment Instruments | 27.02.2017
(Valid up to 31.03.2022) |
| 35 | Smart Payment Solutions Pvt. Ltd. | The Chief Executive Officer,
Smart Payment Solutions Pvt. Ltd. 6/35, WEA Karol Bagh, New Delhi 110 005. |
Pre-paid Payment Instruments known as ‘PayCash’ | 30.06.2010
(Valid up to 31.12.2020) |
| 36 | Sodexo SVC India Pvt. Ltd | The Chief Executive Officer,
Sodexo SVC India Pvt. Ltd., Nesco Complex, Gate No. 3, Indabrator Building, Western Express Highway Goregaon (East); Mumbai 400063. |
Paper based vouchers known as Meal, Catering, Gift Gold, Gift Exclusive and Gift Advantage. Electronic based vouchers, gift passes known as Meal Card, Premium E Gift Exclusive E gift and Say Rewards | 25.08.2009 |
| 37 | Spice Digital Ltd | The Chief Executive Officer,
Spice Digital Ltd., 19A & 19B, 4th Floor, Global Knowledge Park, Sector 125, Noida – 201301 |
Pre-paid Payment Instruments | 09.04.2015
(Valid up to 30.06.2020) |
| 38 | 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 |
Pre-paid Payment Instruments known as ‘Transaction Assured’ | 07.03.2014
(Valid up to 31.03.2022) |
| 39 | Transcorp International Limited | The Chief Executive Officer,
Transcorp International Limited, Plot No 3, HAF Pocket, Sector 18A, Phase II, Dwarka, New Delhi. |
Pre-paid Payment Instruments | 26.08.2016
(Valid up to 30.09.2021) |
| 40 | TranServ Private Limited | The Chief Executive Officer,
TranServ Private Limited, 1002-B, 10th Floor, Tower 1, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (W), Mumbai – 400 013 |
Pre-paid Payment Instruments known as ‘dhani pay’ | 22.02.2016
(Valid up to 31.03.2021) |
| 41 | Tri O Tech Solutions Private Ltd. | The Chief Executive Officer, Tri O Tech Solutions Private Limited, Plot No D- 50, 1st and 2nd Floor, Udyog Vihar, Phase V,
Gurgaon - 122016 |
Pre-paid Payment Instruments | 18.01.2017
(Valid up to 31.03.2022) |
| 42 | 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. |
Pre-paid Payment Instruments m-wallet known as ‘Unimoni’ | 29.10.2009
(Valid up to 31.10.2020) |
| 43 | Weizmann Impex Service Enterprise Limited | The Chief Executive Officer,
Weizmann Impex Service Enterprise Ltd. 214, Empire House (Basement) Dr D N Road, Ent A K Nayak Marg, Fort, Mumbai – 400 001 |
Pre-paid Payment Instruments | 11.12.2015
(Valid up to 31.12.2020) |
| 44 | ZipCash Card Services Pvt. Ltd. | The Director,
ZipCash Card Services Pvt. Ltd., 323, Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West) Mumbai 400 080 |
Pre-paid Payment Instruments known as 'Ola Money Wallet' | 29.10.2009
(Valid up to 31.10.2023) |
See also[edit]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 Guidelines for issuance and operation of Prepaid Payment Instruments in India. Reserve Bank of India. Rbi.org.in. Retrieved on 2016-03-29.
- ↑ "Reserve Bank Of India".
- Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India
- https://rbi.org.in/Scripts/PublicationsView.aspx?id=12043
- The mobile wallet ecosystem in India
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