Prepaid Payment Instruments in India


Prepaid payment instruments are methods that facilitate purchase of goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card.
The prepaid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, online wallets, mobile accounts, mobile wallets, paper vouchers and any such instruments used to access the prepaid amount.

Categories of Prepaid Payment Instruments

The prepaid payment instruments that can be issued in the country are classified under following categories:

Closed System Payment Instruments

These are payment instruments issued by a person for facilitating the purchase of goods and services from him/her/it.

Semi-Closed System Payment Instruments

These payment instruments are redeemable at a group of clearly identified merchants that contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the holder.

Semi-open System Payment Instruments

These are payment instruments that can be used to purchase goods and services at any card-accepting merchant locations. These instruments do not permit cash withdrawal or redemption by the holder.

Open System Payment Instruments

These payment instruments can be used for purchase of goods and services and also permit cash withdrawal at ATMs, Merchant Local Locations, and automated business correspondents.

Mobile Prepaid Instruments

These are prepaid talk time instruments issued by mobile service providers. This talk time value can also be used to purchase 'value added service' from the mobile service provider or third-party service providers.

Eligibility

Source:
  1. Banks and Non-Banking Financial Companies, who comply with the eligibility criteria, would be permitted to issue all categories of prepaid payment instruments.
  2. Only banks permitted to provide Mobile Banking Transactions by the Reserve Bank of India shall be permitted to launch mobile based prepaid payment instruments.
  3. Other entities would be permitted to issue only closed system prepaid payment instruments and semi-closed system prepaid payment instruments.
  4. Mobile Service Providers are permitted to issue mobile prepaid value. In addition to talk-value the use of such prepaid value as a payment instrument shall be restricted to the purchase of only such value added digital contents or services for use on the mobile phones. The use of mobile prepaid value for purchase of other goods and services shall not be permitted.

    List of authorized Prepaid Payment Instruments in India

There are about 43 authorized prepaid payment instruments registered in India. Complete list can be accessed on issued by Reserve Bank of India.
Sr. No.Name of the Authorised EntityAddress of the Principal OfficePayment System AuthorisedDate of issue of Authorisation & Validity Period
1Aircel Smart Money LimitedThe Chief Executive Officer,
Aircel Smart Money Limited,
2nd and 5th Floor, Building No 10 A,
DLF Cybercity, DLF Phase 2,
Gurgaon, Haryana		Pre-paid Payment Instruments04.06.2015
2Amazon Pay Private Limited
The Chief Executive Officer,
Amazon Pay Private Limited,
#26/1, Brigade Gateway,
World Trade Centre, 8th floor,
Dr. Rajkumar Road, Malleswaram,
Bangalore – 560 055		Pre-paid Payment Instruments known as “Amazon Pay balance: Money”22.03.2017
3Appnit Technologies Private LimitedThe Chief Executive Officer, Appnit Technologies Private Limited, 403, 4th Floor, Tower A, Logix Technova Centre, Sector 32, Noida, Uttar Pradesh – 201 301Pre-paid Payment Instruments22.03.2017
4Balancehero India Private LimitedThe Chief Executive Officer, Balancehero India Private Limited, Office No – 121, 2nd Floor, Sector 44, Gurugram, Haryana - 122003Pre-paid Payment Instruments18.07.2017
5Card Pro Solutions Pvt. Ltd.The Chief Executive Officer,
Card Pro Solutions Pvt. Ltd.,
135, A to Z Industrial Estate, G K Marg,
Lower Parel, Mumbai 400 013		Pre-paid Payment Instruments04.06.2015
6Delhi Integrated Multi- Modal Transit System LimitedThe Chief Executive Officer,
Delhi Integrated Multi-Modal Transit System Limited,
1st floor, Maharana Pratap ISBT Building,
Kashmere Gate, Delhi – 110 006		Pre-paid Payment Instruments27.08.2015
7Delhi Metro Rail Corporation LimitedThe Chief Executive Officer, Delhi Metro Rail Corporation Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001Pre-paid Payment Instruments for Mass Transit Systems20.02.2017
8DigitSecure India Private LimitedThe Chief Executive Officer, DigitSecure India Private Limited,
Plot No: 1303 and 1304, 4th Floor,
Khanamet, Hitech City, Ayappa Society, Madhapur, Hyderabad - 500 081.		Pre-paid Payment Instruments e-wallet known as ‘HotRemit'23.07.2012
9Edenred Private Limited – nee Accor Services Pvt. Ltd.The Managing Director & Chief Executive Officer,
Edenred Private Ltd;
Camera House, Majiwade Village Road Majiwade,
Thane 400 601.		Meal and gift paper vouchers, meal and cafeteria cards, gift cards. The products are mainly under the brand name ‘Ticket/Ticket Restaurant/Ticket Compliments’29.10.2009
10Eko India Financial Services Private LimitedThe Chief Executive Officer,
Eko India Financial Services Pvt. Ltd.,
3rd Floor, Phase II, Plot No 34,
Institutional Area, Sector 44 Gurgaon 122 003.		Pre-paid Payment Instruments25.03.2015
11E-Meditek Global Private LimitedThe Chief Executive Officer, E-Meditek Global Private Limited, Plot No. 577, Udyog Vihar, Phase –V, Gurgaon, Haryana - 122016Pre-paid Payment Instruments07.10.2016
12GI Technology Private LimitedThe Director,
GI Technology Private Limited,
Unit No. 301 & 302, 3rd Floor, Campus 3B, RMZ Millenia, Business Park, 11, MGR Main Road, Perungudi,
Chennai – 600 096		Pre-paid Payment Instruments Card known as 'I Cash'29.10.2009
13Hip Bar Private LimitedThe Chief Executive Officer,
Hip Bar Private Limited, 34,
, 4th Main Road,
Gandhi Nagar, Adyar, Chennai – 600 020		Pre-paid Payment Instruments22.08.2016
14InCashMe Mobile Wallet Services Private LimitedThe Chief Executive Officer,
InCashMe Mobile Wallet Services Private Limited,
InCashMeTM House, 5/B Suhasnagar Society,
Behind Income Tax Department,
Ashram Road, Ahmedabad,
Gujarat – 380 009		Pre-paid Payment Instruments06.04.2018
15India Transact Services LimitedThe Chief Executive Officer,
India Transact Services Limited, ITSL,
14th Floor, Tower 3, Indiabulls Finance Center,
S. B. Marg Elphinstone Road Mumbai 400 013		Pre-paid Payment Instruments known as ‘Ongo’30.05.2014
16Ebix Payment Services Private Limited, The Chief Executive Officer,
Ebix Payment Services Private Limited
2nd Floor, Manek Plaza,
Kalina CST Road, Kolekalyan,
Santacruz,
Mumbai – 400 098		Pre-paid Payment Instruments known as ‘EBIXCASH’25.08.2009
17Kedia Infotech Ltd.The Chief Executive Officer
Kedia Infotech Ltd.
518, 5th Floor Swapnalok Complex
S D Road Secunderabad 500 003		Pre-paid Payment Instruments known as ‘Etran Wallet’29.07.2015
18LivQuik Technology Private LimitedThe Chief Executive Officer,
LivQuik Technology Private Limited,
Unit No.206, B Wing, Supreme Business Park,
Hiranandani Garden, Powai, Mumbai 400076		Pre-paid Payment Instruments08.08.2016
19Manappuram Finance LimitedThe Chief Executive Officer, Manappuram Finance Limited, Manappuram House, P.O. Valappad, Thrissur, Kerala - 680 567Pre-paid Payment Instruments08.02.2017
20Mpurse Services Pvt. Ltd.The Chief Executive Officer,
Mpurse Services Pvt. Ltd.,
Pocket B-4, H. No. 38, Sector – 7,
2nd Floor, Rohini, North West Delhi,
Delhi – 122 001		Pre-paid Payment Instruments known as ‘mpurse wallet’30.06.2014
21Muthoot Vehicle & Asset Finance Ltd.The Managing Director,
Muthoot Vehicle & Asset Finance Ltd.
1st Floor, Cochin Dental Clinic Bldg. Market Road,
Towards Kombara, Kochi 682 014		Pre-paid Payment Instruments e-wallet known as ‘Muthoot Money’ and m-wallet known as ‘Muthoot wallet’29.10.2009
22Nucleus Software Exports LimitedThe Chief Executive Officer, Nucleus Software Exports Limited, 33-35, Thyagraj Market, New Delhi – 110 003Pre-paid Payment Instruments known as ‘PaySe’22.03.2017
23Obopay Mobile Technology India Private LimitedThe Chief Executive Officer, Obopay Mobile Technology India Private Limited,
#150, Diamond District,
6th Floor,
Tower C, HAL Old Airport Road,
Kodihalli,
Bangalore - 560 008		Pre-paid Payment Instruments17.10.2017
24One Mobikwik Systems Private LimitedThe Chief Executive Officer,
One Mobikwik Systems Private Limited,
6th Floor, Good Earth Business Bay, Sector 58, Gurugram 122011, Haryana		Pre-paid Payment Instruments known as ‘Mobikwik Wallet’18.07.2013
25Oxigen Services Pvt. Ltd.The Chief Executive Officer, Oxigen Services Pvt Ltd.
2nd Floor, Building 77 B, Shaheed Ripon Katyal Marg, Sector 18, Gurugram - 122015		Pre-paid Payment Instruments known as ‘Oxigen Wallets’18.01.2010
26Paul Merchants Finance Private Limited The Chief Executive Officer,
Paul Fincap Pvt. Ltd.,
SCO 829-830, Sector 22-A, Chandigarh 160 022		Pre-paid Payment Instruments known as ‘Paul Pay’04.06.2015
27PayU Payments Private LimitedThe Chief Executive Officer,
2nd Floor, P & G Plaza, Cardinal Gracious Road, Chakala, Andheri, Mumbai - 400099		Pre-paid Payment Instruments25.07.2016
28Pay Point India Network Private LimitedThe Chief Executive Officer,
Pay Point India Network Private Limited,
108-109, B-Wing, Everest Grande,
Opp. Ahura Centre, Mahakali Road,
Andheri, Mumbai 400093		Pre-paid Payment Instruments known as 'Pay Pointz'03.04.2012
29Phonepe Private Limited The Chief Executive Officer,
Phonepe Private Limited,
A 41, Mohan Cooperative Industrial Area,
2nd Floor, Main Mathura Road,
South Delhi, New Delhi – 110 044 India		Pre-paid Payment Instruments known as ‘PhonePe’25.08.2014
30Pine Labs Private LimitedThe Chief Executive Officer, Unitech Infospace, 2nd and 3rd Floor, Building – 2, Plot No. B2, Sector – 62, Noida – 201301Pre-paid Payment Instruments10.03.2017
31Premium eBusiness Ventures Private LimitedThe Chief Executive Officer,
Premium eBusiness Ventures Private Limited,
42, Navketan Industrial Estate,
Mahakali Caves Road,
Andheri Mumbai 400 093		Pre-paid Payment Instruments18.12.2014
32QwikCilver Solutions Pvt. Ltd.The Chief Executive Officer,
QwikCilver Solutions Pvt. Ltd.,
#104, 1st Main, Vijay Jatti Building,
3rd Floor, 5th Block,
Kormangla Industrial Estate,;Bangalore 560095.		Pre-paid Payment Instruments, Co-branded gift card known as ‘Issued by QwikCilver’06.08.2013
33RapiPay Fintech Private Limited
The Chief Executive Officer,
RapiPay Fintech Pvt. Ltd.
Flat No.912-A, Ansal Bhawan, 16,
Kasturba Gandhi Marg,New Delhi – 110 044		Pre-paid Payment Instruments27.02.2017
34Smart Payment Solutions Pvt. Ltd.The Chief Executive Officer,
Smart Payment Solutions Pvt. Ltd.
6/35, WEA Karol Bagh, New Delhi 110 005.		Pre-paid Payment Instruments known as ‘PayCash’30.06.2010
35Sodexo SVC India Pvt. LtdThe Chief Executive Officer,
Sodexo SVC India Pvt. Ltd.,
Nesco Complex, Gate No. 3,
Indabrator Building, Western Express Highway Goregaon ;
Mumbai 400063.		Paper based vouchers known as Meal, Catering, Gift Gold, Gift Exclusive and Gift Advantage. Electronic based vouchers, gift passes known as Meal Card, Premium E Gift Exclusive E gift and Say Rewards25.08.2009
36Spice Digital LtdThe Chief Executive Officer,
Spice Digital Ltd., 19A & 19B,
4th Floor, Global Knowledge Park,
Sector 125, Noida – 201301		Pre-paid Payment Instruments09.04.2015
37Transaction Analysts Private Ltd.The Chief Executive Officer,
Transaction Analysts Private Limited,
D No 4, Sathyam Arcade, 1st Floor, 1st Phase, 100 Feet Road, BTM Layout 2nd Stage,
Bangalore 560 076		Pre-paid Payment Instruments known as ‘Transaction Assured’07.03.2014
38Transcorp International LimitedThe Chief Executive Officer,
Transcorp International Limited, Plot No 3, HAF Pocket, Sector 18A, Phase II, Dwarka, New Delhi.		Pre-paid Payment Instruments26.08.2016
39TranServ Private LimitedThe Chief Executive Officer,
TranServ Private Limited, 1002-B, 10th Floor,
Tower 1, Indiabulls Finance Centre,
Senapati Bapat Marg, Elphinstone Road,
Mumbai – 400 013		Pre-paid Payment Instruments known as ‘dhani pay’22.02.2016
40Tri O Tech Solutions Private Ltd.The Chief Executive Officer, Tri O Tech Solutions Private Limited, Plot No D- 50, 1st and 2nd Floor, Udyog Vihar, Phase V,
Gurgaon - 122016		Pre-paid Payment Instruments18.01.2017
41Unimoni Financial Services Limited The Country Head- India,
UAE Exchange & Financial Services Ltd.,
Third Floor, Airline Building
Opp. Maharaja college Ground,
M G Road, Kochi 682 011.		Pre-paid Payment Instruments m-wallet known as ‘Unimoni’29.10.2009
42Weizmann Impex Service Enterprise LimitedThe Chief Executive Officer,
Weizmann Impex Service Enterprise Ltd. 214,
Empire House Dr D N Road,
Ent A K Nayak Marg, Fort, Mumbai – 400 001		Pre-paid Payment Instruments11.12.2015
43ZipCash Card Services Pvt. Ltd.The Director,
ZipCash Card Services Pvt. Ltd., 323,
Corporate Centre, Nirmal Lifestyle,
LBS Marg, Mulund Mumbai 400 080		Pre-paid Payment Instruments known as 'Ola Money Wallet'29.10.2009