For semi closed pre-paid payment instrument (PPI) service
Transcorp International has received the in-principle authorisation from the Reserve Bank of India for running 'semi closed pre-paid payment instruments (PPI)' service.Semi-Closed pre-paid payment Instruments (PPI) are payment instruments which can be used for purchase of goods and services, including financial services at a group of clearly identified merchant locations/ establishments which have a specific contract with the issuer to accept the payment instruments. Apart from this payment wallets can also be created. These instruments do not permit cash withdrawal or redemption by the holder.
Post getting final approval from the RBI, the company will be able to issue and operate the said payment instruments and create the payment wallets including mobile wallets.
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