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Payments Bank applicants include Telcos, Kishore Biyani, Khosla Labs backed Novopay, Mobile Wallet co’s

RBI

The Reserve Bank of India has released the list of 41 applicants for payments bank licence. A segmentation of the companies that have applied:

(company names that are underlined already have a Prepaid Payment Instruments license from the Reserve Bank of India)

Telecom companies

Airtel Money via Airtel M Commerce Services Limited (AMSL): Airtel has formed a JV with Kotak Bank.

Idea Cellular: through its promoter group and largest shareholder Aditya Birla Nuvo Limited.

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Reliance Industries Limited (RIL)applied jointly with State Bank of India (SBI), which will have 30% stake in the company. Airtel and SBI had formed a joint venture for financial inclusion but the partnership eventually fell through after the RBI expressed its apprehensions.
Vodafone: has applied through its subsidiary Vodafone M-Pesa Limited.

Mobile payments solutions

– Novopay Solutions: A Khosla Labs incubated mobile payments solution provider, which offers Android-based mobile payment solutions to Kirana stores. It also uses Aadhaar-based biometric scanners to allow consumers conduct banking transactions, money transfer and mobile payments among others.

Paytm: applied via founder Vijay Shekhar Sharma

– FINO PayTech, an alternate banking channel provider, which is a business correspondent for banks. Had launched Takatak Money to offer money transfers, utility bill payments, mobile & DTH recharges. It had acquired Nokia Money in 2012.

Money on Mobile: My Mobile Payments Limited, a subsidiary of Calpian, which claims 121 M users and reported Rs 122 crore of transactions in December 2012.

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Mobikwik: One MobiKwik Systems Private Limited, which is a sister concern of Sequoia Capital backed payment gateway Zaakpay. Read our interview with their strategy head Mrinal Sinha here.

Oxigen: Oxigen Services (India) Private Limited, which has launched mini ATMs, Mobile point of sales solutions, allows money transfer via social networks and more.

Business Correspondents

Pay Point: Pay Point in addition to having a pre-paid payment instrument acts as a business correspondent and provides  for almost any fast moving consumer service, like Utilities, Travel, Cinema, DTH / Mobile Recharge, Banking & Financial services

Suvidhaa Infoserve: Suvidha Infoserve had launched Beam Money prepaid wallet and voluntarily surrendered its authorization and currently winding down its licence. Anand Shrivastav, Chairman at Beam Money had told Medianama that one of the major drawback of the wallet was that it did not allow users to withdraw money from the wallet, which is important for a consumer company.

Vakrangee Limited:  Also Has a licence for the installation and operation of white label ATMs

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Eko India Financial Service Private Limited: Operates as a business correspondent for State Bank of India (SBI), ICICI Bank and Yes Bank

Government entities

National Securities Depository Limited

Department of Posts: The department of posts had earlier applied for a universal bank licence but was turned down by the RBI. The Indian government had set up a task force last year to explore ways of using the post office network. It had suggested a Strategic Business Unit for banking.

NSE Strategic Investment Corporation Limited (Subsidiary of National Stock Exchange of India Ltd.)

Cash card companies

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Smart Payment Solutions Pvt. LtdOperates a pre-paid payment instruments known as “PayCash”

Itz Cash Card: Itz cash operates pre-paid payment instruments known as “Pay on web”, “Mobile Wallet” and “Itz Cash BSNL trust Card”
– GI Technology Private Limited (I Cash Card)*

Finance companies

-M.G. George Muthoot & others (Chairman, Muthoot Group): Operates a pre-paid payment instruments e-wallet known as “Muthoot Money” and m-wallet known as “Muthoot wallet” and has a licence for the installation and operation of white label ATMs

Cholamandalam Distribution Services Limited: Cholamandalam Distribution Services Limited offers a number wealth management products

Payment gateways

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Citrus Payment Solutions Private Limited* Operates Pre-paid payment instruments known as “Citrus Cash”. Also tied up with Meu Cabs to launch an in-app wallet.

Individuals

Dilip Shantilal Shanghvi: Founder & Managing Director, Sun Pharmaceutical Industries Limited

Kishore Laxminarayan Biyani: Founder & CEO, Future Group

Rajib Saha: President & CEO Indepay Networks

Others

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Tech Mahindra Limited: Operates a pre-paid payment instruments (m-wallet) known as “MoboMoney”

Videocon d2h Limited: Videocon d2h commenced DTH operations in July 2009 and has since grown to a gross subscriber base of 11.8 million and a market share of 16.5% in the Indian DTH market as of September 30, 2014. U.S.-based Silver Eagle Acquisition Corp (SEAC) has invested $33 million for a 33.5% stake in the company.

Money transfer

Fx Mart Private Limited: Pre-paid payment instruments known as “FX Money”

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