The Reserve Bank of India has granted authorization to the company for the issuance and operation of semi-closed prepaid payment instruments (PPI) with perpetual validity.
The launch of Bajaj Finance’s digital wallet is part of a broader consumer NBFC to expand its digital finance offerings. The company has been rolling out ‘Bajaj Pay’ in phases to expand into the payments segment.
In its quarterly investor presentation, the company said Bharat Bill Pay System went live on Bajaj Pay in January. A fully functional UPI payment option is likely to go live in May. This will now come alongside the launch of the digital wallet since the RBI approvals have been received. It also intends to launch marketplaces for investments and insurance products.
Customers of these wallets can now store more significant amounts of money—up to Rs 2 lakh—and withdraw cash even if it is not linked to a bank. All wallets will be interoperable, so you can transfer funds from one to the other, the RBI has said. The non-bank wallets will have access to National Electronic Fund Transfer and real-time gross settlement and the, which are the backbones of the payment system.
Written by Aushini