Cashfree Payments, a prominent player in India’s payments and API banking landscape, has secured the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) licence, positioning itself among the pioneering fintechs with multiple RBI licences. The company has already achieved the Payment Aggregator (PA) and Payment Aggregator-Cross Border (PA-CB) licences from RBI, marking it as a trailblazer in India’s payment ecosystem.
Akash Sinha, CEO & Co-Founder, Cashfree Payments commented, “The PPI licence opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible and efficient payment experiences to Indian businesses as well as their customers.. The PPI (Prepaid Payment Instrument) licence will help us build offerings that let internet businesses retain and grow their user base.”
In July, Cashfree Payments became the first payment service provider to secure RBI’s Payment Aggregator-Cross Border licence for handling import and export transactions. Previously, in December 2023, it was one of the first to receive the Payment Aggregator licence from RBI. Cashfree Payments currently supports over 600,000 businesses and processes transactions worth over USD 80 billion annually.
Also Read | Cashfree Payments unveils UPI Switch to enhance success rates for online businesses
The company continues to redefine digital payments in India with cutting-edge offerings like Secure ID for KYC onboarding, FlowWise for payment orchestration, and Risk Shield for fraud monitoring. Expanding its footprint beyond India, Cashfree Payments is also making inroads in the UAE through its partner Telr, aiming to broaden its influence in the global payments sector.
