Niam receives an RBI license as an aggregator and a prepaid payment device

Niam receives an RBI license as an aggregator and a prepaid payment device

The global payments corporation will be able to provide services including merchant payment acquisition and prepaid cards thanks to the two licenses.

The Reserve Bank of India (RBI) has given its in-principle permission for the prepaid payment instrument (PPI) as well as payment aggregator (PA) licenses to Niam, a Singapore-based payments business. This announcement was made on February 5.

Prepaid cards to merchant payment acquisition—all financial products that the global payments firm will be able to provide and enhance in the nation with the help of these two licenses, according to a press statement from Nim.

The corporation would be able to offer prefunded, pre-loaded cards in India with the aid of the PPI license. The statement read, "The company will collaborate with card partners for this." The aggregator license will enable it to offer merchant acquisition and onboarding services, which include giving merchants access to online space, expediting fund flow procedures, and incorporating technology into websites to improve checkout experiences.

The business said in a news release that "Niyam will be able to integrate with real-time payment providers such as the Bharat Unified Payment Interface (UPI) thanks to the PA license."