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JustDial gets a semi-closed wallet licence; JD Cash still not active

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Online classifieds and ecommerce company JustDial has got a semi-closed wallet licence from the Reserve Bank of India, the company informed the stock exchanges. It added that the company will be in a position to provide payment solutions to its users and that it is vital for its transaction services.

JustDial has been delaying the launch of JD Cash for quite some time now. It had first announced its plans for a payments platform in 2014. At the time, founder VSS Mani had said that JustDial would be integrating it with its Search Plus suite of services. Search Plus aggregates merchants which includes medical stores, doctor appointments, table booking and delivery from restaurants.

Initially, it had planned for a April 2015 launch and then delayed it further to the second quarter of FY16. For now, it offers Paytm, PayUmoney, Oxigen wallet, Udio, PayZapp and Pockets from ICICI Bank as wallet options for payment.

JustDial needs a wallet to operate JD cash or partner with one, because it is a marketplace. If it were an e-commerce player, and owned the inventory or the services that customers were buying on its site, it would effectively be operating a closed wallet, which would not need a license. Since customers are buying from merchants and service providers via JustDial, it needs a semi-closed prepaid payment instrument .

Other players who got a wallet licence

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Last month, payment gateway PayU got a semi-closed wallet licence from the RBI.  It had a digital wallet already in place called PayU Money which was issued by RBL Bank. After this, the company said it would be transitioning customers to its wallet licence.

In July, Chennai-based Yeldi Softcom got a semi-closed wallet licence from the RBI. Yeldi is a payment services company that uses NFC technology to deliver its services. Other players who got a wallet licence from the RBI last year include Eko India Financial Services, Card Pro Solutions and Paul Fincap Private Limited.

Around the same time, telecom operator Aircel through its subsidiary, Aircel Smart Money Limited, secured  five-year prepaid mobile wallet license from the RBI enabling them to provide mobile wallet services to its subscribers, as reported by the Economic Times.

In September 2015, mobile VAS and Internet products company Spice Digital launched a mobile wallet called SpiceMudra which would focus on domestic remittances.

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