Nium, the Singapore-based real-time global payments firm, has received in principle approval from the Reserve Bank of India for two prestigious payment licenses – the Prepaid Payment Instrument (PPI) License and the Payment Aggregator (PA) License.

Nium said in a statement on Tuesday that the two licenses will allow the global payments company to offer and improve upon a variety of financial products in the country, from prepaid cards to merchant payment acquiring.

Nium said it continues to expand its license portfolio to serve the needs of a rapidly evolving global payments landscape.

It is noted that Nium has received in-principle approval from the Reserve bank of India for a Prepaid Payment Instrument (PPI) License in India, which will empower the global payments leader to issue prefunded, pre-loaded cards within India.

These versatile prepaid cards can be designed for a variety of consumer and business applications, from employee spending to domestic wallets.

Nium’s unique approach involves collaboration with strategic card partners, ensuring a seamless end-to-end experience for users.

In addition to the PPI License, Nium has been granted in principle approval for a Payment Aggregator (PA) Licence, which will allow the company to provide merchant onboarding and acquiring services in the dynamic Indian market.

This includes provisioning an online space for merchants, streamlining fund flow processes, and integrating cutting-edge technology into websites for smoother checkout experiences.

This license will also enable Nium to connect to real-time payment offerings, such as India Unified Payments Interface (UPI).

It is also noted that Nium is establishing itself as a true end-to-end acquiring solution provider.

“We’re honored to be among the few trusted by the RBI with these licenses and we look forward to helping India further its leadership in payments innovation,” said Anupam Pahuja, Executive Vice President and General Manager, Asia Pacific, Middle East and Africa at Nium.

“Nium prides itself on applying its expertise in global payments to advancing payments ecosystems around the world,

“These licenses make Nium a one-stop-shop for all payment needs in India. For the end customer, Nium is making it seamless for Indians to shop the world,” he added.

As Nium expands its footprint in India, the company said it aims to leverage these licenses to offer a wide array of services, fostering financial inclusion and empowering businesses with advanced payment solutions.

These two new licenses, in additional to the 11 other licenses Nium holds, allows the company to offer seamless global (in addition to local) payments for both customers and merchants in India.

As a part of Nium’s card issuance, the licenses will also ensure that Nium continues the issuance of pre-paid forex cards for the Nium Forex brand.

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