Update: A spokesperson for FreeCharge said that Klickpay, a subsidiary of Snapdeal, had approached the RBI for a wallet licence before it acquired Freecharge in March 2015. In January 2016, Klickpay was renamed Freecharge Payment Technologies Private Limited and Accelyst is a super merchant for the company (not sure what that means). Here is the full response: Klickpay is a 100% subsidiary of Jasper Infotech Private Limited and was formed in the month of January 2015. Klickpay had already approached RBI for a PPI license before Accelyst Solutions Private Limited (Accelyst) was acquired by Jasper Infotech Private Limited in March 2015. Klickpay received in-principle approval from RBI and final approval from RBI was received in the month of July 2016. In the month of January 2016, the name of Klickpay was changed to Freecharge Payment Technologies Private Limited (FCPTL). Accelyst is a super merchant for FCPTL and recharge and bill payments transactions are done in Accelyst. Earlier: It looks like FreeCharge has got a wallet licence from the Reserve Bank of India (RBI) this year. Note that FreeCharge had launched its wallet operations in a partnership with YES Bank back in September 2015 when it did not have a licence of its own. This is a pretty common practice where a payments company partners with a commercial bank to get the requisite approvals to operate a wallet. Some examples being PayU and Transerv when they partnered with RBL Bank. The RBI says that the licence is valid from 14th July…
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