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Nium expands India footprint, secures Payment Aggregator License from RBI

By Gloria Mathias

February 06, 2024

  • Financial Inclusion
  • Financial Institution
  • Financial Tools

Nium, Jeonbuk Bank, Remittance Service, financial institution, real-time payments, financial tools, foreign immigrants, financial inclusion, Fintech news, Fintech APAC, RBI, Reserve Bank of India, Payments Aggregator License, Prepaid Payments card instrument's Nium, the real-time global payments solutions, has received in-principle approval from the Reserve Bank of India for two prestigious payment licences, the Prepaid Payment Instrument (PPI) Licence and the Payment Aggregator (PA) Licence.

The two licences will allow the global payments company to offer and improve upon a variety of financial products in the country, from prepaid cards to merchant payment acquisition.

Nium has received in-principle approval for a Prepaid Payment Instrument (PPI) License in India, which will empower Nium to issue prefunded, pre-loaded cards within India. These prepaid cards can be designed for a variety of consumer and business applications, from employee spending to domestic wallets. Nium’s approach involves collaboration with strategic card partners, ensuring a seamless end-to-end experience for users.

In addition to the PPI License, Nium has been granted in-principle approval for a Payment Aggregator (PA) Licence, which will allow the company to provide merchant onboarding and acquiring services in the dynamic Indian market. This includes provisioning an online space for merchants, streamlining fund flow processes, and integrating technology into websites for smoother checkout experiences. This licence will also enable Nium to connect to real-time payment offerings, such as the India Unified Payments Interface (UPI). Nium is establishing itself as a true end-to-end acquiring solution provider.

“We’re honoured to be among the few trusted by the RBI with these licences and we look forward to helping India further its leadership in payments innovation,” said Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific, Middle East, and Africa at Nium. “Nium prides itself on applying its expertise in global payments to advancing payment ecosystems around the world. These licences make Nium a one-stop shop for all payment needs in India. For the end customer, Nium is making it seamless for Indians to shop the world.”

As Nium expands its footprint in India, the company aims to leverage these licenses to offer a wide array of services, fostering financial inclusion and empowering businesses with advanced payment solutions.

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