OBOPAY gets a pre-paid instrument license from RBI

Published On: 13, Dec 2017 | Source: aninews.in

New Delhi [India], Dec 13 (ANI): OBOPAY has secured a license for Prepaid Payment Instrument (PPI) from the Reserve Bank of India to operate a semi-closed loop wallet in the country, the global mobile payments company said.

Using the PPI license, OBOPAY will solve various payment related problems for their partner clients bringing efficiency and transparency to the payments process, improving reporting, and reducing turnaround times for funds transfers.

"The PPI license combined with our technology expertise can be leveraged by organizations like financial institutions, or even independents who want to launch a mobile wallet. We are exploring partnerships with companies in sectors including SME lending, government subsidy disbursement, health and insurance payments, distribution and supply chain payments, and education among others," Shailendra Naidu, CEO, OBOPAY, said commenting on the development

The company will also be using the license in propelling the business in its Business to Business (B2B) operations by co-branding the prepaid instrument with a partner brand.

"In the future, we will also be integrating our platform with UPI as per the RBI's latest interoperability guidelines. Customers on the OBOPAY platform will soon be able to transact with a variety of other platforms: other mobile wallets, UPI, banks etc," Naidu further added.

The PPI license can be implemented in a variety of industry segments. The license will enable the customers to do everything a prepaid payment instrument does including P2P, cash-in, bill payments, mobile recharge, and shopping. (ANI)