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
The prepaid payment instruments that can be issued in the country are classified under following categories:[1]
Closed System Payment Instruments
These are payment instruments issued by a person for facilitating the purchase of goods and services from him/her/it. Closed wallets are wallets which are issued by a company to a consumer for buying goods and services exclusively from that company. Examples: Bigbasket Wallet, Cleartrip Wallet [2]
Semi-Closed System Payment Instruments
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. Example: Oxigen Wallet,[2] Mobikwik Wallet[2]
Semi-open System Payment Instruments
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
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. Examples: Visa, Mastercard, RuPay [2]
Mobile Prepaid Instruments
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
- 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
There are about 77 authorized prepaid payment instruments registered in India. Complete list can be accessed on publication issued by Reserve Bank of India.[3]
| 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 | Smart Payment Solutions Pvt. Ltd. | The Chief Executive Officer Smart Payment Solutions Pvt. Ltd. 6/35, WEA Karol Bagh, New Delhi – 110005. | Pre-paid payment instruments known as 'SmartPaisa' | 30.06.2010 (Valid up to 31.12.2018) | |
| 2 | Airtel M Commerce Services Ltd. | The Chief Executive Officer; Airtel M Commerce Services Ltd. Airtel Center, Plot No. 16, 6th Floor, Udyog Vihar, Phase -4, Gurgaon Haryana – 122001. | Pre-paid payment instruments known as Stored Value Card Wallet (SCW) | 30.06. 2010 (Valid up to 30.06.2015) | |
| 3 | Atom Technologies Limited | The Chief Executive Officer; Atom Technologies Limited, 4th Floor FT Towers, CTS 256 & 257, Suren Road, Chakala, Andheri (E),Mumbai-400093. | Pre-paid payment instruments | 30.06. 2010 (Valid up to 31.12.2013) | |
| 4 | CanvasM Technologies Limited | The Chief Executive Officer, CanvasM Technologies Limited, Principal Office, A-20, Sector – 60, Noida -201301 | Pre-paid payment instruments known as ‘MoboMoney’ | 28.12.2012 (Valid up to 27.12.2014) | |
| 5 | Citrus Payment Solutions Pvt Ltd. | The Chief Executive Officer, Citrus Payment solutions Pvt. Ltd, 124, Viraj Building, 3rd Floor, S V Road, Khar West, Mumbai - 400052 | Pre-paid payment instruments known as Citrus Cash (Citrus Wallet) | 18.10.2013 (Valid up to 18.10.2018) | |
| 6 | 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 known as ‘HotRemit' | 23.07.2012 (Valid up to 22.07.2014) | |
| 7 | Done Card Utility Limited | The Director, Done Card Utility Limited, 301, Linkway Estate, Near Chincholi Fire Station, New Link Road, Malad (West), Mumbai 400064. | Pre-paid payment instruments known as 'Done Cards' | 29.10.2009 (Valid up to 31.10.2013) | |
| 8 | Edenred (India) Private Limited | The Managing Director & Chief Executive Officer, Edenred (India) Private Ltd; Radhakrishna House, Majiwade Village Road Majiwade, Thane (W) 400601. | Meal and gift vouchers and prepaid meal card known as ‘Ticket Restaurant® Meal Card’ and Gift Cards solution | 01.01.2016 (Valid up to 31.12.2019) | |
| 9 | GI Technology Private Limited | The Director, GI Technology Private Limited, C-9, Thiru-Vi-Ka Industrial Estate- Guindy, Chennai - 600032 | Pre-paid payment instruments known as 'I Cash Card (ICC)' | 29.10.2009 (Valid up to 31.10.2013) | |
| 10 | Itz Cash Card Ltd. | The Chief Executive Officer, Itz Cash Card Limited, Top 14th floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013. | Pre-paid payment instruments | 25.08.2009 (Valid up to 24.08.2015) | |
| 11 | MMP Mobi Wallet Payment Systems Limited | The Chief Executive Officer, MMP Mobi Wallet Payment Systems Ltd.; A, E& F Blocks Voltas Premises, T B Kadam Marg, Chinchpokli, Mumbai - 400 033. | Pre-paid payment instruments known as ‘mRupee’ | 30.12.2011 (Valid up to 29.12.2015) | |
| 12 | Vodafone M-Pesa Limited | The Chief Executive Officer, Vodafone M-Pesa Limited, Peninsula Corporate Park, Ganpat Rao Kadam Marg, Lower Parel, Mumbai – 400 013 | Semi-Closed Pre-paid payment instruments | 08.11.2012 (Valid up to 07.11.2014) | |
| 13 | 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 only | 29.10.2009 (Valid up to 31.12.2013) | |
| 14 | My Mobile Payments Limited | The Chief Executive Officer, My Mobile Payments Limited, 7th Floor, MET Complex, Opp. Lilavati Hospital, Bandra – West, Mumbai 400 050 | Pre-paid payment instruments known as ‘MOM’ | 24.10.2011
(Valid up to 31.10.2018) | |
| 15 | One97 Communications Lt] | The Chief Executive Officer, One97 Communications Ltd., B- 121, Sector 5, Noida, Uttar Pradesh -201301. | Mobile based Pre-paid payment instruments (M- Wallet) | 07.08.2013 (Valid up to 06.08.2018) | |
| 16 | One Mobikwik Systems Private Limited | The Chief Executive Officer, One Mobikwik Systems Pvt. Limited, 758, 1st Floor, Udyog Vihar, Phase - V, Gurgaon, Haryana - 122016 | Prepaid Payment Instruments known as ‘Mobikwik Wallet’ | 18.07. 2013 (Valid up to 17.07.2018) | |
| 17 | OSS Payment Solutions Pvt. Ltd. | The Chief Executive Officer, OSS Payment Solutions Pvt. Ltd.-103, 4th Floor, Aditya Industrial Estate, Behind Chincholi Fire Station, Near Evershine all, New Link Road, Malad (West) Mumbai 400064. | Pre-paid payment instruments | 30.06.2010 (Valid up to 31.12.2013) | |
| 18 | Oxigen Services (India) Pvt. Ltd. | The Group President, Oxygen Services (India) Pvt. Ltd.; 257, Udyog Vihar, Phase-1, Gurgaon 122016-(Haryana). | Pre-paid payment instruments known as 'OxiCash Cards' | 18.01.2010 (Valid up to 31.12.2013) | |
| 19 | PayMate India Pvt. Limited | The Managing Director and CEO PayMate India Pvt. Limited, 111, 1st Floor, A- Wing, Sundervilla, SV Road, Santacruz (W), Mumbai –400054. | Pre-paid payment instruments known as "Paymate Wallet" | 28.04. 2010 (Valid up to 26.04.2014) | |
| 20 | Pay Point India Network Private Limited | The Chief Executive Officer, Pay Point India Network Private Limited B Wing, 108/109, Everest Grande, Mahakali Caves Road, Andheri E, Mumbai - 400093 | Pre-paid payment instruments known as Pay Pointz | 03.04.2012 (Valid up to 02.04.2014) | |
| 21 | QwikCilver Solutions Pvt. Ltd. | The Chief Executive Officer, QwikCilver Solutions Pvt. Ltd., 4- Basement Floor, Old No. 310/6, HR Complex Kormangala, 5th Block, Bangalore-560095. | Pre-paid payment instruments | 06.08.2013 (Valid up to 05.08.2018) | |
| 22 | 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. | Meal vouchers and gift vouchers in the form of 'paper based vouchers' and 'Smartcard' or 'Smart Meal Card' | 25.08.2009 | |
| 23 | 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 682011. | Pre-paid payment instruments known as 'XPay Cash Wallet' | 29.10.2009 (Valid up to 31.10.2017) | |
| 24 | Y-Cash Software Solutions Private Limited | The Chief Executive Officer, Y-Cash Software Solutions Private Limited, 3rd Floor, 1140, 17th Cross, HST Layout, Bangalore 560102. | Pre-paid payment instruments known as ‘Y-PayCash’ | 15.03.2012 (Valid up to 14.03.2016) | |
| 25 | ZipCash Card Services Pvt. Ltd. | The Director, ZipCash Card Services Pvt. Ltd., 25E/4 Model Town Bal Rajeshwar,Road Mulund (West) Mumbai 400 080. | Pre-paid payment instruments known as 'ZipCash Coupons' | 29.10.2009 (Valid up to 31.10.2018) | |
| 26 | 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 31.12.2019) | |
| 27 | TranServ Private Limited | High Tech Plaza, Office No. 02, Ground Floor, Mahakali Caves Road, Andheri East, Mumbai 400 093 | Prepaid Payment instruments | ||
| 28 | Pyro Telecommunications Ltd. | 82293/82, Plot No.264/A31,Road # 92, Jubilee Hills, Hyderabad500033 Andhra Pradesh | Prepaidpayment instruments mwallet known as ‘SpeedPay’ | 30.01.2014 (Valid up to 31.03.2019) |
See also
References
- Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India
- www.rbi.co.in
- https://rbi.org.in/Scripts/PublicationsView.aspx?id=12043
- The mobile wallet ecosystem in India
- RBI Guidelines for issuance and operation of Prepaid Payment Instruments in India.
- 1 2 3 4 Guidelines for issuance and operation of Prepaid Payment Instruments in India. Reserve Bank of India. Rbi.org.in. Retrieved on 2016-03-29.
- 1 2 3 4 "How you can also make your Wallet like PayTm? - Enterslice". Enterslice. 2017-04-07. Retrieved 2017-05-01.
- ↑ "Reserve Bank Of India".
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