Indian fintech firm Cashfree Payments secures RBI's PPI license

Cashfree Payments, a leading company in India’s payments and API banking sector, has secured the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license.

Cashfree Payments is one of the first fintechs to have received the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences from the RBI.

This license will allow the company to provide enhanced digital payment solutions through prepaid instruments, facilitating more seamless transactions for businesses and their customers.

Milestones in regulatory approvals

Cashfree Payments now holds three pivotal licenses from the RBI: the Payment Aggregator (PA) license, the Payment Aggregator-Cross Border (PA-CB) license, and the recently acquired PPI license.

In July of this year, it became the first payment service provider to secure the PA-CB license, enabling the processing of import and export transactions.

Additionally, in December 2023, Cashfree Payments received the PA license, making it one of the first companies in India to attain these comprehensive regulatory authorizations.

CEO Akash Sinha’s vision on the PPI license

CEO and Co-Founder Akash Sinha expressed his enthusiasm for the PPI license, stating, “The PPI license 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) license will help us build offerings that let internet businesses retain and grow their user base.”

Technological advancements and service expansion

Founded in 2015 by Akash Sinha and Reeju Dutta, Cashfree Payments provides a comprehensive suite of payment and API banking solutions.

The company claims that it supports over 600,000 businesses and is processing more than $80 billion in transactions annually

Among recent launches are Secure ID for KYC verification, FlowWise for payment orchestration, and Risk Shield for fraud monitoring.

Global growth and future prospects

While headquartered in Bengaluru, Cashfree Payments has extended its reach internationally. Its products are used in eight other countries, including the USA, Canada, and the UAE.

Through its acquired partner, Telr, Cashfree Payments is growing its presence in the UAE and exploring further expansion across other international markets.