Real-time global payments provider Nium has obtained in principle approval for two payment licences from the Reserve Bank of India.
Specifically, Nium has received provisional approval from the Reserve Bank of India for two significant licences, namely the Prepaid Payment Instrument (PPI) Licence and the Payment Aggregator (PA) Licence. These licences will enable Nium to introduce and enhance various financial products in India, spanning from prepaid cards to merchant payment acquiring, addressing the evolving landscape of global payments.
The Prepaid Payment Instrument (PPI) Licence will allow Nium to issue prefunded, pre-loaded cards within India. These prepaid cards can serve various consumer and business needs, such as employee spending and domestic wallets. Nium adopts a collaborative approach with strategic card partners to ensure a seamless end-to-end experience for users.
Additionally, Nium has received provisional approval for a Payment Aggregator (PA) Licence, facilitating merchant onboarding and acquiring services in the dynamic Indian market. This includes provisioning online spaces for merchants, streamlining fund flow processes, and integrating cutting-edge technology into websites to enhance checkout experiences. The licence also enables Nium to connect with real-time payment offerings, including the India Unified Payments Interface (UPI), positioning Nium as an end-to-end acquiring solution provider.
In the company press release, officials from Nium expressed gratitude for the trust placed by the Reserve Bank of India in granting these licences. They also emphasised Nium's commitment to advancing payment ecosystems globally and highlighted the company's role as a comprehensive payment solution provider in India.
As Nium expands its presence in India, leveraging these licences, the company aims to offer a diverse range of services, contributing to financial inclusion and supporting businesses with advanced payment solutions. With these new licenses added to its existing 11, Nium aims to facilitate both global and local payments for customers and merchants in India.
Nium's payments infrastructure influences how banks, fintechs, and businesses collect, convert, and disburse funds instantly across borders. With a payout network supporting 100 currencies across more than 190 countries, Nium enables funds to be disbursed to accounts, wallets, and cards, with local collection available in 35 markets.
Holding regulatory licenses in more than 40 countries, Nium emphasises seamless onboarding, rapid integration, and compliance, regardless of geography.
For more information about Nium, please check out their detailed profile in our dedicated, industry-specific Company Database.
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