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A look at the new wallet licenses issued so far in 2017

At a time when it is still reworking wallet policies, and even imposed a freeze on funding for wallet companies, the Reserve Bank of India has been issuing wallet licenses. So far, the RBI has now issued nine new wallet licences and there are five players whose licences are set to expire in 2017.

1. Amazon Online Distribution Services Private Limited: essentially for running the payments business of Amazon India,
The Chief Executive Officer, Amazon Online Distribution Services Private Limited, #26/1, Brigade Gateway, World Trade Centre, 8th floor, Dr. Rajkumar Road, Malleswaram (West),
Bangalore – 560 055
Pre-paid Payment Instruments
22.03.2017
(Valid upto 31.03.2022)

2. Appnit Technologies Private Limited
The Chief Executive Officer, Appnit Technologies Private Limited, 403, 4th Floor, Tower A, Logix Technova Centre, Sector 32, Noida, Uttar Pradesh – 201 301
Pre-paid Payment Instruments
22.03.2017
(Valid Upto 31.03.2022)

3. Bajaj Finance Limited
The Chief Executive Officer, Bajaj Finance Limited, 4th Floor, Bajaj Finserv Corporate Office, Off. Pune-Ahmednagar Road, Viman Nagar, Pune – 411014
Pre-paid Payment Instruments
08.02.2017
(Valid upto 31.03.2022)

4. Delhi Metro Rail Corporation Limited
The Chief Executive Officer, Delhi Metro Rail Corporation Limited, Metro Bhawan, Fire Brigade Lane, Barakhamba Road, New Delhi – 110001
Pre-paid Payment Instruments for Mass Transit Systems
20.02.2017
(Valid upto 31.03.2022)

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5. Manappuram Finance Limited
The Chief Executive Officer, Manappuram Finance Limited, Manappuram House, P.O. Valappad, Thrissur, Kerala – 680 567
Pre-paid Payment Instruments
08.02.2017
(Valid upto 31.03.2022)
Nucleus Software Exports Limited
The Chief Executive Officer, Nucleus Software Exports Limited, 33-35, Thyagraj Market, New Delhi – 110 003
Pre-paid Payment Instruments
22.03.2017
(Valid upto 31.03.2019)

6. Pine Labs Private Limited
The Chief Executive Officer, Unitech Infospace, 2nd and 3rd Floor, Building – 2, Plot No. B2, Sector – 62, Noida – 201301
Pre-paid Payment Instruments
10.03.2017
(Valid upto 31.03.2022)

7. Tri O Tech Solutions Private Ltd.
The Chief Executive Officer, Tri O Tech Solutions Private Limited, Plot No D- 50, 1st and 2nd Floor, Udyog Vihar, Phase V,
Gurgaon – 122016
Pre-paid Payment Instruments
18.01.2017
(Valid upto 31.03.2022)

8. Virgosoft IT Services Private Limited
The Chief Executive Officer, Virgosoft IT Services Private Limited, Plot No E1, Block No B1, Rajindra House, 1st Floor, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044
Pre-paid Payment Instruments
27.02.2017
(Valid upto 31.03.2022)

9. Yeldi Softcom Private Limited
The Chief Executive Officer, Yeldi Softcom Private Limited, AJ-227 (Old No AJ-08), Shanthi Colony Main Road, Anna Nagar, Chennai – 600040
Pre-paid Payment Instruments
27.02.2017
(Valid upto 31.03.2019)

Surrendered license

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1. Citrus Payment Solutions Pvt. Ltd.
The Chief Executive Officer,
Citrus Payment solutions Pvt. Ltd., 302,
Swati Building, North Avenue Road,
Off Linking Road, Santa Cruz West, Mumbai 400 054
Pre-paid Payment Instruments known as ‘Citrus Cash’
Cancelled on April 19, 2017

2. UTI Infrastructure Technology and Services Ltd.
The Chief Executive Officer,
UTI Tower, Plot No. 3, Sector 11,
CBD Belapur, Navi Mumbai-400 614
Pre-paid Payment Instruments known as National Common Mobility Card (NCMC)
Cancelled on February 07, 2017

Licenses expiring in 2017

1. Fino Paytech Ltd. (Earlier Alpha Payment Services India Pvt. Ltd.(erstwhile Nokia Mobile Payment Services India Pvt. Ltd.) was performing this activity
The Chief Executive Officer,
FINO Paytech Ltd., Shree Sawan Knowledge Park,
2nd Floor, D 507 TTC Indl. Area
MIDC Turbhe, Navi Mumbai
Pre-paid Payment Instruments
14.08.2015
(Valid upto 30.09.2017)

2. Itz Cash Card Ltd.
The Chief Executive Officer,
Itz Cash Card Limited,
Top 14th floor, Times Tower, Kamala City,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Pre-paid Payment Instruments known as ‘Pay on web’, ‘Mobile Wallet’ and ‘Itz Cash BSNL trust Card’
25.08.2009
(Valid upto 30.11.2017)

3. Pay Point India Network Private Limited
The Chief Executive Officer,
Pay Point India Network Private Limited,
108-109, B-Wing, Everest Grande,
Opp. Ahura Centre, Mahakali Road,
Andheri (East), Mumbai 400093
Pre-paid Payment Instruments known as ‘Pay Pointz’
03.04.2012
(Valid upto 30.06.2017)

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4. UAE Exchange & Financial Services Ltd.
The Country Head- India,
UAE Exchange & Financial Services Ltd.,
Third Floor, Airline Building
Opp. Maharaja college Ground,
M G Road, Kochi 682 011.
Pre-paid Payment Instruments m-wallet known as ‘X-Pay
29.10.2009
(Valid upto 31.10.2017)

5. Vodafone m-pesa Limited
(Earlier Mobile Commerce Solutions Ltd. was performing this activity)
The Chief Executive Officer,
Vodafone m-pesa Limited,
Peninsula Corporate Park,
Ganpatrao Kadam Marg,
Lower Parel, Mumbai – 400 013
Pre-paid Payment Instruments known as ‘Vodafone M-pesa’
07.11.2014
(Valid upto 30.11.2017)

Editor’s note: Fino Paytech and Vodafone m-pesa, whose wallet licences are set to expire, also have a payments bank licence. Once the companies begin operations, they will have to wind up their wallet licences as Airtel has done. This will also apply to Paytm Payments Bank as well.

Money transfer licensee

1. Fast Encash Money Transfer Services Ltd.
The Chief Executive Officer,
144, High Street North, London E6 2HT
MTSS- cross-border inbound service (customer to customer)
03.04.2017
(Valid upto 31.03.2020)

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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