Cashfree Payments secures RBI's PPI license

Payments and API banking company Cashfree Payments has obtained the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license. The company now holds three key licenses from the RBI: Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB), and Prepaid Payment Instrument (PPI).

In July of this year, Cashfree Payments became the first payment service provider to receive RBI’s Payment Aggregator-Cross Border license for handling imports and exports. Later, in December 2023, Cashfree Payments secured the RBI’s Payment Aggregator license.

Founded in 2015 by Akash Sinha and Reeju Dutta, Cashfree Payments is a payments and API banking company offering full-stack payment solutions. Its tech-driven platform empowers businesses across India to accept payments and make payouts through over 180 payment modes, all available with simple integration.

Headquartered in Bengaluru, Cashfree Payments' products are used in eight other countries, including the USA, Canada, and the UAE. The company is backed by prominent investors, including Silicon Valley’s Y Combinator, Apis Partners, and State Bank of India (SBI), and was incubated by PayPal.

Cashfree Payments claims to serve over 600,000 businesses and processes more than $80 billion in transactions annually. In recent months, it has introduced industry-first products such as Secure ID for onboarding KYC, FlowWise for payment orchestration, and Risk Shield for fraud monitoring. Expanding its footprint beyond India, Cashfree Payments is also growing in the UAE through its acquired partner, Telr.