Nium Scores In-Principle Approval for Two Key Payment Licenses in Indiaby Fintech News Singapore February 6, 2024
Global payments platform Nium has obtained in-principle approval from the Reserve Bank of India (RBI) for two critical payment licenses, enabling the firm to broaden its range of financial products in India.
Having secured the Prepaid Payment Instrument (PPI), Nium will be able to issue prepaid cards within India, catering to various consumer and business needs, such as employee expenditures and domestic wallets. Nium plans to partner with strategic card partners to ensure a smooth experience for users.
Furthermore, the Payment Aggregator (PA) license will enable Nium to offer merchant onboarding and acquiring services. This includes creating online spaces for merchants, simplifying the fund flow process, and enhancing websites with advanced technology for easier transactions.
The license also positions Nium to integrate with India’s real-time payment systems, like the Unified Payments Interface (UPI), strengthening its capabilities as an end-to-end solution provider in merchant acquisition.
With these two new approvals, alongside its existing 11 licenses, Nium will be able to offer seamless global and local payments for both customers and merchants in India.
The licenses also support the company’s continued issuance of prepaid forex cards under the Nium Forex brand.
“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.
Nium prides itself on applying its expertise in global payments to advancing payments ecosystems around the world. These licenses 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.”
said Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific, Middle East and Africa at Nium.