Wallets, prepaid cards and gift instruments are prepaid payment instruments (PPIs), and issuing them to the public requires RBI authorisation. The framework dictates capital, KYC tiers, load limits and interoperability through UPI and cards.
Krishna TaxNova manages the PPI journey: authorisation application, escrow and KYC architecture, and the product design choices, small versus full KYC instruments, that decide both compliance and unit economics.
What is Prepaid Wallet License?
Non bank PPI issuers require RBI authorisation with minimum net worth of five crore rupees at application, rising to fifteen crore within the prescribed timeline. The framework defines small PPIs and full KYC PPIs with load and outstanding limits, mandates escrow of customer funds, interoperability through UPI and card networks for full KYC instruments, and continuing obligations on customer protection, reporting and audits. Closed system instruments used only with the issuer need no authorisation.
Who Should Apply for Prepaid Wallet License?
- Fintechs launching consumer wallets
- Corporates issuing prepaid cards for expenses, gifting or benefits
- Transit and niche payment programs
- Platforms embedding stored value in their ecosystems
Benefits of Prepaid Wallet License
Stored Value Economics
Float, interchange and program fees create durable revenue lines.
Interoperable Reach
Full KYC PPIs ride UPI and card rails, working everywhere.
Product Flexibility
Wallets, cards and wearables issue under one authorisation.
Corporate Programs
Expense and benefits instruments serve B2B clients at scale.
Regulated Credibility
RBI authorisation anchors bank, network and enterprise partnerships.
Documents Required for Prepaid Wallet License
Keep these documents ready. You can upload them using the form on this page or send them to us on WhatsApp.
- Incorporation documents and net worth certificates
- Promoter and director dossiers
- Product design: PPI types, limits and use cases
- Escrow arrangement with bank
- KYC architecture and technology security documentation
- Board approved customer protection and grievance policies
- Business projections for five years
Step by Step Process for Prepaid Wallet License
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Step 1: Product and Applicability Review
Your instrument design is classified, sometimes closed system routes avoid licensing entirely.
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Step 2: Readiness Build
Capital, escrow, KYC systems and policies are put in place.
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Step 3: Authorisation Application
The RBI application with complete annexures is filed.
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Step 4: Regulator Process
Queries and system demonstrations are handled through approval.
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Step 5: Launch and Compliance
Escrow reconciliation, limit monitoring and reporting run from day one.
Prepaid Wallet License at a Glance
Estimated Timeline
9 to 15 months including RBI processing
Governing Authority
Reserve Bank of India (RBI), DPSS
Validity
Ongoing, subject to conditions
Government Fees
Net worth of 5 crore at application, 15 crore within the glide path
Why Choose Krishna TaxNova for Prepaid Wallet License?
The cheapest compliance decision is product design: KYC tier, limits and closed versus semi closed classification. We optimise the design first, then build the application around it.
CA Led Team in Delhi
Your work is handled by a qualified Chartered Accountant team, not a call center. You get correct advice the first time.
Upload Documents Online
Share everything from your phone or laptop. Use the secure upload form on this page or simply WhatsApp us your documents.
Transparent Pricing
You approve a clear quote before we start. No hidden charges at any stage.
End to End Support
From document collection to final approval and post registration compliance, one team stays with you throughout.
Prepaid Wallet License: Frequently Asked Questions
Does a gift card program need RBI authorisation?
Closed system instruments redeemable only with the issuer need no authorisation; the moment third party acceptance enters, the PPI framework applies. We classify your program definitively before you build.
What are small PPIs versus full KYC PPIs?
Small PPIs have minimal onboarding but tight load limits and no funds transfer; full KYC instruments carry higher limits, transfers and interoperability. Portfolio strategy usually mixes both, which we model with you.
Where does customer money sit?
In escrow with a scheduled bank under strict debit and credit rules, with daily reconciliation. Escrow discipline is a supervision focus, and our operations setup treats it that way.
Is interoperability optional?
Full KYC PPIs must be interoperable through UPI and card networks per the framework's phases. Technology planning for this belongs in the application itself, where we place it.
How long does Prepaid Wallet License take?
In most cases the work is completed in 9 to 15 months including RBI processing. The exact time depends on how quickly documents are shared and on processing time at the department. We keep you updated at every stage.
What documents are needed for Prepaid Wallet License?
The key documents include incorporation documents and net worth certificates, promoter and director dossiers, product design: ppi types, limits and use cases, escrow arrangement with bank. Our team shares a simple checklist after the first call so nothing is missed.
Can I complete Prepaid Wallet License fully online?
Yes. The entire process is online. Fill the form on this page, upload your documents or WhatsApp them to us, and our experts handle the filings. You do not need to visit any office.
Which authority handles Prepaid Wallet License?
Prepaid Wallet License falls under Reserve Bank of India (RBI), DPSS. Krishna TaxNova prepares and files your application in the required format and responds to any queries raised by the department.
What is the validity of Prepaid Wallet License?
The validity is ongoing, subject to conditions. We send renewal and compliance reminders in advance so you never miss a due date.
Do you provide Prepaid Wallet License outside Delhi?
Yes. We are based in Delhi and serve clients across India. Since the process is fully online, your location does not matter. Documents can be shared through the website or WhatsApp.
Get Prepaid Wallet License Done by Experts
Fill in your details, upload your documents online or send them on WhatsApp. A qualified CA will review your case and call you back with the exact steps and a fixed quote.