Cashfree Payments, a leader in the Indian payments and API banking space, has been granted the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license. This latest regulatory approval positions the company with a trifecta of essential licenses from RBI: the Payment Aggregator (PA) license, the Payment Aggregator-Cross Border (PA-CB) license, and now the PPI license.
Earlier this year, Cashfree Payments made headlines as the first Indian payment service provider to receive RBI’s PA-CB license, enabling the streamlined handling of cross-border transactions for imports and exports. In December 2023, it further strengthened its regulatory standing by securing the standard PA license. With the recent addition of the PPI license, Cashfree Payments can now issue prepaid payment instruments, adding more versatility to its offerings in digital transactions.
Founded in 2015 by Akash Sinha and Reeju Dutta, Cashfree Payments offers a full-stack, tech-driven payment solution that facilitates businesses of all sizes in accepting payments and making secure payouts. With over 180 payment modes and straightforward integration, the platform has seen widespread adoption in India and internationally. The Bengaluru-based company’s products are currently used in eight other countries, including the USA, Canada, and the UAE.
Backed by prominent investors like Silicon Valley’s Y Combinator, Apis Partners, and the State Bank of India (SBI), Cashfree Payments was initially incubated by PayPal, and it has steadily expanded its range of offerings to include unique products that drive secure and efficient transactions. Among these are Secure ID, an advanced KYC onboarding tool, FlowWise for payment orchestration, and Risk Shield for fraud prevention.
With a client base of over 600,000 businesses, Cashfree Payments processes more than $80 billion in transactions annually, underscoring its prominence in the digital payments landscape. The recent acquisition of Telr has enabled the company to expand further into the UAE market, providing a strong international foundation for continued growth.
Obtaining the PPI license is a strategic step for Cashfree Payments as it continues to drive innovation and expand its influence in the Indian fintech ecosystem and beyond. This latest license enables Cashfree to offer even more diverse solutions for businesses looking to streamline and secure their digital transactions.
