Nium Secures In-Principal Approval from RBI for the Payment Aggregator Licence and the Prepaid Payment Instruments License
The two new licenses pave the way for Nium to become a one-stop-shop for payments in India.
MUMBAI, India, Feb. 5, 2024 /PRNewswire/ — Nium, the leader in real-time global payments, proudly announces it has received in principle approval from the Reserve Bank of India for two prestigious payment licences – the Prepaid Payment Instrument (PPI) Licence and the Payment Aggregator (PA) Licence. The two licences will allow the global payments company to offer and improve upon a variety of financial products in the country, from prepaid cards to merchant payment acquiring. Nium continues to expand its licence portfolio to serve the needs of a rapidly evolving global payments landscape.
Nium has received in-principal approval from the Reserve bank of India for a Prepaid Payment Instrument (PPI) Licence in India, which will empower the global payments leader to issue prefunded, pre-loaded cards within India. These versatile prepaid cards can be designed for a variety of consumer and business applications, from employee spending to domestic wallets. Nium’s unique approach involves collaboration with strategic card partners, ensuring a seamless end-to-end experience for users.
In addition to the PPI License, Nium has been granted in principle approval for a Payment Aggregator (PA) Licence, which will allow the company to provide merchant onboarding and acquiring services in the dynamic Indian market. This includes provisioning an online space for merchants, streamlining fund flow processes, and integrating cutting-edge technology into websites for smoother checkout experiences. This licence will also enable Nium to connect to real-time payment offerings, such as India Unified Payments Interface (UPI). Nium is establishing itself as a true end-to-end acquiring solution provider.
“We’re honoured to be among the few trusted by the RBI with these licences and we look forward to helping India further its leadership in payments innovation,” said Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific, Middle East and Africa at Nium. “Nium prides itself on applying its expertise in global payments to advancing payments ecosystems around the world. These licences make Nium a one-stop-shop for all payment needs in India. For the end customer, Nium is making it seamless for Indians to shop the world.”
As Nium expands its footprint in India, the company aims to leverage these licenses to offer a wide array of services, fostering financial inclusion and empowering businesses with advanced payment solutions. These two new licenses, in additional to the 11 other licenses Nium holds, allows the company to offer seamless global (in addition to local) payments for both customers and merchants in India. As a part of Nium’s card issuance, the licences will also ensure that Nium continues the issuance of pre-paid forex cards for the Nium Forex brand.
About Nium
Nium, the leader in real-time global payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. In 2023, the company was named on the Forbes Fintech 50 and CB Insights Fintech 100 List of Most Promising Fintech Companies. Co-headquartered in San Francisco and Singapore, Nium has regional offices in London, Amsterdam, Hong Kong, Mumbai, Bengaluru, Hyderabad, and Chennai.
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