Mobile Wallet License Registration

In India, Mobile Wallets (also known as Prepaid Payment Instruments) are regulated by the Reserve Bank of India (RBI). Mobile Wallet service providers offer digital payment solutions through mobile applications. Here are the general requirements and procedure for obtaining a Mobile Wallet License Registration in India:

Requirements for Mobile Wallet License Registration:

Company Registration: The applicant must register a company under the Companies Act, 2013 or any other relevant law in force. The company should be registered as a public limited company.

Capital Requirement: The applicant must fulfill the minimum net worth requirement specified by the RBI. The specific amount may vary and is subject to change based on RBI guidelines.

Infrastructure: The applicant should have a robust technology infrastructure to support mobile wallet operations. This includes secure networks, data centers, and adequate security measures.

Compliance Framework: The applicant should have a well-defined compliance framework in place, including policies and procedures to prevent money laundering, fraud, and ensure customer data protection.

Management Team: The applicant should have a competent management team with relevant experience and expertise in financial services and technology.

Security Audit: The applicant may be required to undergo a security audit conducted by an independent auditor to assess the technology infrastructure and security measures.

Procedure for Mobile Wallet License Registration:

Application Submission: Prepare the necessary documents and submit the application for Mobile Wallet License Registration to the Regional Office of the RBI.

Background Verification: The RBI conducts background checks on the applicant, including the directors and key management personnel, to ensure their eligibility and compliance with regulatory requirements.

Capital Contribution: The applicant must contribute the required net worth as per the guidelines specified by the RBI.

Documentation: Provide all the required documents, such as the company's incorporation certificate, memorandum and articles of association, board resolutions, business plan, technology infrastructure details, KYC documents of directors, proof of office address, and other relevant documents as specified by the RBI.

System Audit: The RBI may require the applicant to undergo a system audit conducted by an independent auditor to assess the technology infrastructure and security measures.

Grant of License: Upon satisfactory fulfillment of all requirements and successful completion of the evaluation process, the RBI will grant the Mobile Wallet License Registration.