Cashfree Payments, a prominent payments and API banking firm in India, has obtained the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) licence. This approval positions Cashfree Payments as one of the few fintech companies in India holding three major licences: the Payment Aggregator (PA) licence, the Payment Aggregator-Cross Border (PA-CB) licence, and now the PPI licence.
According to Cashfree Payments’ CEO and Co-Founder, Akash Sinha, the PPI licence will drive new opportunities for innovation in India’s payments landscape. It enables Cashfree to offer prepaid digital wallet solutions, helping businesses enhance customer retention and growth. This addition follows Cashfree’s groundbreaking achievement in July, where it became the first payment service provider to secure the PA-CB licence for handling cross-border transactions in imports and exports.
With a user base of over 600,000 businesses and an annual transaction volume exceeding USD 80 billion, Cashfree Payments has led the charge in reshaping digital payments with tech-driven products. Its offerings include Secure ID for streamlined KYC processes, FlowWise for payment orchestration, and Risk Shield for fraud prevention. The company is also expanding internationally, recently strengthening its presence in the UAE market via its partner, Telr.