With this approval, the company aims to enter India’s digital payments market with a prepaid wallet and card-based payment offerings. PPIs, like gift cards, prepaid cards, and digital wallets, are financial tools that enable users to make purchases with pre-loaded funds. PPIs are designed to facilitate cashless transactions, and some use cases can also include smart cards for mass transit and travel, or mobile apps that store money for transactions. Users can load money and use them for various payments, including online purchases, bill payments & in-store transactions.
ZikZuk is an Indian neobank focusing on supporting SMEs and startups with digital financial tools. It offers business finance managing, connected banking, and FoundersCard, a business card designed to improve access to credit for SME owners.
RBI allows users of PPIs to conduct UPI payments through third-party apps such as Cred, Google Pay, Amazon Pay, and more. PPI users can also issue prepaid wallets and cards and enable UPI payments. With the approval, ZikZuk aims to operate as a full-fledged domestic player in India’s dynamic digital market.
ZikZuk representatives mention that this move is a significant step in the company’s mission to develop financial products from the ground up specifically for India. With PPIs, the company will be able to support users with simple, secure, and scalable digital payment tools.
Recent approvals reflect the RBI’s support for the NextGen Indian fintech players, allowing them to participate more meaningfully in expanding the country’s economy. ZikZuk’s entry in the space is projected to offer new user-centric products to a sector that is currently dominated by established names such as PhonePe, Paytm, MobiKwik, Scapia, and Jupiter.
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