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Digital Wallets and Payment wallets are new show of the town with new players focusing on this segment post demonetisation. In this post we will be not talking about a Software stack to build a solution similar to Paytm, but on process of obtaining Licenses from Reserve Bank of India for Payment Wallets.
Open Wallet:
This is a type of wallet which can be used to purchase of goods and services and also permit cash withdrawal at ATM’s. These wallets can be used for purchase of goods including financial services such as funds transfer at merchant locations, also cash withdrawal at automated business correspondents. Thus these are wallets used to buy goods and services, including fund transfer at merchant locations, also permit cash withdrawals at ATM’S.
Examples: Master Card, Visa, Rupay
Closed Wallet:
Closed wallets are wallets which are issued by a company to a consumer for buying goods and services exclusively from that company. Mostly these function as an account where money gets credited in case of a refund due to cancellation or return of a product or service. Thus it is issued by an entity for purchasing goods and services only from it, and these doesn’t allow cash withdrawal or redemption.
It is a wallet that can be used to buy goods and services, as it is a payment instrument that are redeemable of clearly identified merchants that contract specifically with the issuer to accept the payment instrument. This type of wallet does not permit cash withdrawal or redemption by the holder. Thus these instruments can be used to buy goods and services by identifying merchant locations or establishments in which the issuer accepts the payment instruments.
Examples: Paytm, MobiKwik
Once you choose the type of Prepaid Wallet according to your need, you can then start with the Process of registration with Reserve Bank of India. RBI needs documentation on Expected benefits to the financial systems, Operating risks, Systems in place to mitigate the risks, amount of finance required, sources of finance, amount of own capital proposed, amount of borrowings expected from banks, rate of return on investment etc.
Generally, RBI after scrutiny of documents and facts gives license in 90-120 business days. And then, you can use wallet in your app!
