Piramal Payment Services has received approval from the Reserve Bank of India to launch its prepaid payment instrument, ‘Piramal Pay,’ aimed at enhancing digital financial services across India.
Key Highlights:
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Approval from RBI:
- Piramal Payment Services Limited has secured authorization from the Reserve Bank of India (RBI) to operate its prepaid payment instrument (PPI), named ‘Piramal Pay’.
- This approval is granted under the Payment and Settlement Systems Act of 2007.
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Enhancing Digital Financial Solutions:
- The launch of ‘Piramal Pay’ aims to provide innovative digital financial solutions to millions of users across India, promoting seamless, secure, and convenient transactions.
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Joining Elite Payment System Operators:
- With this new authorization, Piramal Payment Services joins a select group of Payment System Operators recognized by the RBI, enhancing the landscape of digital transactions in the country.
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Management’s Commitment:
- Jairam Sridharan, Managing Director of Piramal Capital & Housing Finance, expressed enthusiasm about the RBI’s endorsement. He stated, “We are delighted to receive this authorisation, which reinforces our commitment to advancing digital financial services in the country.”
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Focus on Accessibility and Convenience:
- The ‘Piramal Pay’ platform is designed to improve accessibility and convenience for users, catering to both individuals and businesses.
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Parent Company Background:
- Piramal Capital & Housing Finance Limited, the parent company, is a well-known Non-Banking Financial Company (NBFC) engaged in retail and wholesale lending.
Conclusion:
The approval for ‘Piramal Pay’ marks a significant milestone in Piramal Payment Services’ journey to enhance digital financial solutions in India. With a focus on convenience and security, this initiative is expected to make a positive impact on the digital payments landscape.