Prepaid Wallet License in Goa

Goa's economy runs on tourism and hospitality, alongside a growing real estate sector and, historically, mining. As merchants and consumers across Goa move further into digital payments, the platforms serving them need a PPI licence to operate within RBI's framework.

StartRight4U works with applicants across Goa to get PPI licensing right the first time — compliant technology and documentation RBI can approve without delay.

What Is a Prepaid Wallet (PPI) Licence?

A Prepaid Payment Instrument (PPI) licence is RBI's authorisation, under the Payment and Settlement Systems Act, 2007, for a company to issue digital wallets, prepaid cards, or vouchers that store monetary value for making payments. It's the license behind every mobile wallet, gift card, and closed-loop prepaid instrument operating in India, and it's mandatory before any such product can be issued at scale.

Types of PPIs RBI Recognises

• Closed system PPIs: usable only for purchasing goods/services from the issuer itself (no RBI licence needed, but limited utility)
• Semi-closed system PPIs: redeemable at a defined network of merchants who have a contract with the issuer — most wallet apps fall here
• Open system PPIs: usable at any merchant and for cash withdrawal, typically issued by banks

Eligibility Criteria for a PPI Licence

• Registered as a company under the Companies Act, 2013
• Minimum positive net worth of ₹5 crore as per the latest audited balance sheet, rising to ₹15 crore by the end of the third financial year
• A robust technology platform with demonstrated security, fraud-monitoring, and KYC-compliant onboarding capability
• Promoters and directors who meet RBI's fit-and-proper criteria

Documents Required for PPI Registration

• Certificate of incorporation and Memorandum & Articles of Association
• Net worth certificate from a practicing Chartered Accountant with supporting audited financials
• Technology and information-security architecture document, including fraud-monitoring and escrow-account design
• Board resolution approving the PPI licence application
• KYC and background documentation for directors and key managerial personnel

Step-by-Step PPI Licence Process

1. Incorporate the company and build the wallet technology platform to RBI's security specifications
2. Prepare the net worth certificate and technology documentation
3. Set up the mandatory escrow account arrangement with a scheduled commercial bank
4. Submit the application to RBI, including the business plan and compliance framework
5. Respond to RBI's technical and financial review
6. Receive the Certificate of Authorisation and launch the PPI under RBI's operational guidelines

Why Choose StartRight4U

StartRight4U combines regulatory experience with an end-to-end execution team — documentation, technical review, and direct liaison on your application — so you're not navigating the process alone.

1. Dedicated specialists, not a generic filing service
2. Clear, upfront documentation checklist — no last-minute surprises
3. Direct support through queries and clarifications during review
4. Transparent pricing with no hidden charges