OBOPAY, the mobile payment solutions company, recently announced that the company 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 company will also be using the license in propelling the business in its B2B operations by co-branding the prepaid instrument with a partner brand. 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.
Commenting on the development, Shailendra Naidu, CEO, OBOPAY, said “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, travel wallets, employee benefits, distribution and supply chain payments, shopping, toll plazas and education among others.”
He further mentioned, “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.”
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: P2P, cash-in, bill payments, mobile recharge, and shopping.