Prepaid Payment Instruments in India

Last updated April 20, 2023

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.^[1]

Categories of Prepaid Payment Instruments

The prepaid payment instruments that can be issued in the country are classified under following categories:^[1]

Closed System Payment Instruments

These are payment instruments issued by a person for facilitating the purchase of goods and services from him/her/them/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 (Point of sale terminals). 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 (NBFC), who comply with the eligibility criteria, would be permitted to issue all categories of prepaid payment instruments.
Only banks permitted to provide Mobile Banking Transactions by the Reserve Bank of India shall be permitted to launch mobile based prepaid payment instruments.
Other entities would be permitted to issue only closed system prepaid payment instruments and semi-closed system prepaid payment instruments.
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 publication issued by Reserve Bank of India.^[2]

Sr. No.	Name of the Authorised Entity	Address of the Principal Office	Payment System Authorised	Date of issue of Authorisation & Validity Period (given in brackets)
1	Eroute Technologies Private Limited	The Chief Executive Officer, Eroute Technologies Pvt. Ltd. C 56 A/12, 8th Floor, Technopolis IT Hub, Sector 62, Noida, Uttar Pradesh 201301	Pre-paid Payment Instruments known as 'Omnicard'	10.05.2021
2	Aircel Smart Money Limited	The 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 Instruments	04.06.2015 (Valid to 30.06.2020)
3	Amazon Pay (India) Private Limited (formerly Amazon Online Distribution Services Private Limited)	The Chief Executive Officer, Amazon Pay (India) Private Limited, #26/1, Brigade Gateway, World Trade Centre, 8th floor, Dr. Rajkumar Road, Malleswaram (West), Bangalore – 560 055	Pre-paid Payment Instruments known as “Amazon Pay balance: Money”	22.03.2017 (Valid up to 31.03.2022)
4	Appnit Technologies Private Limited	The Chief Executive Officer, Appnit Technologies Private Limited, 403, 4th Floor, Tower A, Logix Technova Centre, Sector 32, Noida, Uttar Pradesh – 201 301	Pre-paid Payment Instruments	22.03.2017 (Valid Up to 31.03.2022)
5	Balancehero India Private Limited	The Chief Executive Officer, Balancehero India Private Limited, Office No – 121, 2nd Floor, Sector 44, Gurugram, Haryana - 122003	Pre-paid Payment Instruments	18.07.2017 (Valid up to 30.09.2022)
6	Card 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 Instruments	04.06.2015 (Valid up to 30.06.2020)
7	Delhi Integrated Multi- Modal Transit System Limited	The Chief Executive Officer, Delhi Integrated Multi-Modal Transit System Limited, 1st floor, Maharana Pratap ISBT Building, Kashmere Gate, Delhi – 110 006	Pre-paid Payment Instruments	27.08.2015 (Valid up to 30.09.2020)
8	Delhi Metro Rail Corporation Limited	The Chief Executive Officer, Delhi Metro Rail Corporation Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi - 110001	Pre-paid Payment Instruments for Mass Transit Systems	20.02.2017 (Valid up to 31.03.2022)
9	DigitSecure India Private Limited	The 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 (Valid to 30.09.2020)
10	Edenred (India) Private Limited – formerly Accor Services Pvt. Ltd.	The Managing Director & Chief Executive Officer, Edenred (India) Private Ltd; Camera House, Majiwade Village Road Majiwade, Thane (W) 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 (Valid up to 30.04.2020)
11	Eko India Financial Services Private Limited	The 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 Instruments	25.03.2015 (Valid up to 31.03.2020)
12	E-Meditek Global Private Limited	The Chief Executive Officer, E-Meditek Global Private Limited, Plot No. 577, Udyog Vihar, Phase –V, Gurgaon, Haryana - 122016	Pre-paid Payment Instruments	07.10.2016 (Valid up to 31.12.2021)
13	GI Technology Private Limited	The 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 (Valid up to 31.12.2022)
14	Hip Bar Private Limited	The Chief Executive Officer, Hip Bar Private Limited, 34, (First Floor), 4th Main Road, Gandhi Nagar, Adyar, Chennai – 600 020	Pre-paid Payment Instruments	22.08.2016 (Valid up to 30.09.2021)
15	InCashMe Mobile Wallet Services Private Limited	The 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 Instruments	06.04.2018 (Valid up to 30.06.2020)
16	India Transact Services Limited	The Chief Executive Officer, India Transact Services Limited, ITSL, 14th Floor, Tower 3, Indiabulls Finance Center, S. B. Marg Elphinstone Road (W) Mumbai 400 013	Pre-paid Payment Instruments known as ‘Ongo’	30.05.2014 (Valid up to 31.05.2020)
17	Ebix Payment Services Private Limited, (formerly Itz Cash Card Private Limited)	The Chief Executive Officer, Ebix Payment Services Private Limited 2nd Floor, Manek Plaza, Kalina CST Road, Kolekalyan, Santacruz (East), Mumbai – 400 098	Pre-paid Payment Instruments known as ‘EBIXCASH’	25.08.2009 (Valid up to 30.11.2020)
18	Kedia 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 (Valid up to 30.09.2020)
19	LivQuik Technology (India) Private Limited	The Chief Executive Officer, LivQuik Technology (India) Private Limited, Unit No.206, B Wing, Supreme Business Park, Hiranandani Garden, Powai, Mumbai 400076	Pre-paid Payment Instruments	08.08.2016 (Valid up to 30.09.2021)
20	Manappuram Finance Limited	The Chief Executive Officer, Manappuram Finance Limited, Manappuram House, P.O. Valappad, Thrissur, Kerala - 680 567	Pre-paid Payment Instruments	08.02.2017 (Valid up to 31.03.2022)
21	Mpurse 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 (Valid up to 30.06.2020)
22	Muthoot 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 (Valid up to 31.12.2021)
23	Nucleus Software Exports Limited	The Chief Executive Officer, Nucleus Software Exports Limited, 33-35, Thyagraj Market, New Delhi – 110 003	Pre-paid Payment Instruments known as ‘PaySe’	22.03.2017 (Valid up to 31.03.2022)
24	Obopay Mobile Technology India Private Limited	The 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 Instruments	17.10.2017 (Valid up to 31.12.2022)
25	One Mobikwik Systems Private Limited	The 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 (Valid up to 30.09.2020)
26	Oxigen Services (India) Pvt. Ltd.	The Chief Executive Officer, Oxigen Services (India) 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 (Valid up to 31.12.2020)
27	Paul Merchants Finance Private Limited (formerly Paul Fincap Pvt. Ltd.)	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 (Valid up to 30.06.2020)
28	PayU Payments Private Limited	The Chief Executive Officer, 2nd Floor, P & G Plaza, Cardinal Gracious Road, Chakala, Andheri (East), Mumbai - 400099	Pre-paid Payment Instruments	25.07.2016 (Valid up to 30.09.2021)
29	Pay Point India Network Private Limited	The Chief Executive Officer, Pay Point India Network Private Limited, 108-109, B-Wing, Everest Grande, Opp. Ahura Centre, Mahakali Road, Andheri (East), Mumbai 400093	Pre-paid Payment Instruments known as 'Pay Pointz'	03.04.2012 (Valid up to 31.12.2020)
30	Phonepe Private Limited (formerly named as FX Mart Pvt. Ltd)	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 (Valid up to 31.08.2022)
31	Pine Labs Private Limited	The Chief Executive Officer, Unitech Infospace, 2nd and 3rd Floor, Building – 2, Plot No. B2, Sector – 62, Noida – 201301	Pre-paid Payment Instruments	10.03.2017 (Valid up to 31.03.2022)
32	Premium eBusiness Ventures Private Limited	The Chief Executive Officer, Premium eBusiness Ventures Private Limited, 42, Navketan Industrial Estate, Mahakali Caves Road, Andheri (East) Mumbai 400 093	Pre-paid Payment Instruments	18.12.2014 (Valid up to 31.03.2020)
33	QwikCilver 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 (Valid up to 30.09.2020)
34	RapiPay Fintech Private Limited (formerly Virgosoft IT Services 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 Instruments	27.02.2017 (Valid up to 31.03.2022)
35	Smart 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 (Valid up to 31.12.2020)
36	Sodexo SVC India Pvt. Ltd	The Chief Executive Officer, Sodexo SVC India Pvt. Ltd., Nesco Complex, Gate No. 3, Indabrator Building, Western Express Highway Goregaon (East); 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 Rewards	25.08.2009
37	Spice Digital Ltd	The Chief Executive Officer, Spice Digital Ltd., 19A & 19B, 4th Floor, Global Knowledge Park, Sector 125, Noida – 201301	Pre-paid Payment Instruments	09.04.2015 (Valid up to 30.06.2020)
38	Transaction Analysts (India) Private Ltd.	The Chief Executive Officer, Transaction Analysts (India) 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 (Valid up to 31.03.2022)
39	Transcorp International Limited	The Chief Executive Officer, Transcorp International Limited, Plot No 3, HAF Pocket, Sector 18A, Phase II, Dwarka, New Delhi.	Pre-paid Payment Instruments	26.08.2016 (Valid up to 30.09.2021)
40	TranServ Private Limited	The Chief Executive Officer, TranServ Private Limited, 1002-B, 10th Floor, Tower 1, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (W), Mumbai – 400 013	Pre-paid Payment Instruments known as ‘dhani pay’	22.02.2016 (Valid up to 31.03.2021)
41	Tri 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 Instruments	18.01.2017 (Valid up to 31.03.2022)
42	Unimoni Financial Services Limited (formerly UAE Exchange & Financial Services Ltd.)	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 (Valid up to 31.10.2020)
43	Weizmann Impex Service Enterprise Limited	The Chief Executive Officer, Weizmann Impex Service Enterprise Ltd. 214, Empire House (Basement) Dr D N Road, Ent A K Nayak Marg, Fort, Mumbai – 400 001	Pre-paid Payment Instruments	11.12.2015 (Valid up to 31.12.2020)
44	ZipCash Card Services Pvt. Ltd.	The Director, ZipCash Card Services Pvt. Ltd., 323, Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West) Mumbai 400 080	Pre-paid Payment Instruments known as 'Ola Money Wallet'	29.10.2009 (Valid up to 31.10.2023)

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References

1 2 3 4 Guidelines for issuance and operation of Prepaid Payment Instruments in India. Reserve Bank of India. Rbi.org.in. Retrieved on 2016-03-29.
↑ "Reserve Bank Of India".

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[RBI-1] 1 2 3 4 Guidelines for issuance and operation of Prepaid Payment Instruments in India. Reserve Bank of India. Rbi.org.in. Retrieved on 2016-03-29.

[2] "Reserve Bank Of India".

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