Prepaid wallet license in India is a business authorization issued under the strict norms of Payment and Settlement system Regulations, 2008. The cost and time it takes to get this license makes it seems like there is a definite benefit to it, in addition to being able to establish a payment wallet in India.
And we are here to tell you that indeed, that’s the truth. Getting this business certification is a pain. Thus, it won’t be too courteous for the Reserve Bank of India to shower you with some definite benefits.
Therefore, in this article, we take a closer look at the perks you obtain once you gain the E Wallet License in India.
But before that, let us understand its meaning.
What is a Prepaid Wallet License?
A prepaid wallet license is the authorization to create, operate and maintain a PPI or a Prepaid Payment Instrument. They are digital packages that store monetary value inside them and thus, can be used to buy goods and services.
To fill this packages, one can either use cash, credit card or debit card.
Benefits of obtaining the prepaid wallet license?
Let us now look into the benefits that you will gain once you obtain the prepaid wallet license in India:
It takes monetary transactions easy and convenient
Your customers seek one thing out of this world, and it’s convenience. And with the Money Wallet License, you can provide them the same. It will allow you to establish a system that will allow your customer to easily conduct monetary transactions. And when they will see how beneficial it is for them to use your electronic wallet, you can have access to another benefit. Read More: Insurance Marketing Firm
Gain more trust in the Fintech market
The Fintech market is filled with only a few pre-paid wallets. And in this digital age, the trust they enjoy has no parallel. You can enjoy the same if you have what it takes to run an pre-paid wallet. And all you require is the RBI wallet license.
Accelerate the pace of utility billing
If there is one thing that stops people from paying the bill on time is the lack of, you guessed it, time. the prepaid wallet license will allow you to cut through all of that. Establish a prepaid payment system that people can install on their mobile phones and provide with the convenience that they always look for when providing services.
Start a business at a national scale
A prepaid wallet is not bound within a region. It’s usage extend to locations where people can download it. In simple terms, getting the RBI wallet license is akin to starting an international business. Just create an app and see your business flourish across the globe. It will directly put at the forefront of an international enterprise. Read More: Society Registration
Promote transparent transactions
A prepaid wallet deals only with legitimate transactions. All the monetary transactions leave a digital trail. It makes it easier for the customer to hold the recipient accountable. When all the transactions are transparent, you can forge ahead with the realization that your business will grow.
A prepaid wallet license is a crucial business authorization in India. Thankfully, it allows you penetrate the Fintech market in a stylish manner. If you want further details, contact Registrationwala.
A prepaid wallet license in India comes with several benefits other than allowing you set up a payment gateway portal in India. Read this blog to know more.