The Reserve Bank of India (RBI) has taken many steps to promote fast-track money transfer. Payment Wallet License is also known as . Payment Wallet License allows its user to buy items or to make transactions in an easy way using a digital platform. There are five different types of Prepaid wallet License, they are:
Closed system payment instruments;
Semi-Closed system payment instruments;
Semi-Open system payment instruments; and
Open system payment instruments.
Mobile Prepaid Instruments
Before putting Prepaid Wallet Instruments to use it is essential to obtain a License for the same. The Reserve Bank of India (RBI) from time to time issues outlines rules and guidelines related to Prepaid Wallet License. Any non-Bank entity that seeks to obtain a prepaid license must adhere to the given guidelines before applying for a prepaid wallet license.