Bengaluru: Cashfree Payments has received the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license, allowing it to offer more digital payment options through prepaid instruments. This license adds to Cashfree’s existing RBI licenses, including the Payment Aggregator (PA) and Payment Aggregator-Cross Border (PA-CB) licenses.
The PPI license means Cashfree can provide a wider range of payment solutions, which could benefit over 600,000 businesses using its services. It was the first payment company to secure the PA-CB license in July, allowing it to handle cross-border payments, and it received the PA license in December 2023.
Founded by Akash Sinha and Reeju Dutta in 2015, Cashfree has expanded its reach beyond India, operating in eight other countries like the USA and UAE. With new tools like Secure ID for KYC, FlowWise for payment orchestration, and Risk Shield for fraud detection, Cashfree continues to grow in digital payments, while working to bring new services to businesses worldwide.
