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Benefits of obtaining a payment system license in India:
From a regulatory perspective, payment services are one of the most developed financial business categories in India. The PSSA provides that any person, including NBFCs, or any other person planning to provide electronic payment services, must obtain a payment institution license in India from the RBI.
PSSA is the main law governing payment institutions in India. In turn, RBI, as a payment regulator issues rules and regulations covering various aspects of the payment ecosystem.
There are some eligibility criteria that must be met by a company interested in ordering a payment system license in India. It is essential that these conditions are met:
When the above requirements are fulfilled, the applicant company must submit an online application on the RBI website for registration through the COSMOS system. After filing the application, the company will receive the CARN, and an application's physical copy.
This copy, along with all needed documents must be submitted to the RBI, which has jurisdiction in the place of location of applicant's registered office.
To establish a company that will provide electronic payment services, you will need the appropriate technical equipment. It is also useful for obtaining an NBFC license in India. Each company that registers as NBFC, must be properly equipped and have the appropriate software. Otherwise, the RBI may reject the application.
In addition, you will need to prepare a business plan. It should consist of business goals, a description of the business model, forecasts and much more.
It is worth noting that most of the applications for obtaining NBFC licenses are rejected due to incorrect or partially inappropriate documentation. Among other things, the list of documents needed for obtaining a payment system license includes:
This material was published exclusively for informational purposes, and should not be construed by the reader as an instruction, recommendations for action or legal advice. If you have any questions or difficulties related to payment system licensing process in India, IQ Decision experts will provide you with legal advice on obtaining a PI license in India and help you to order a license for a very nominal fee.
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