Transcorp International, which is into forex and money transfer, will kick off pre-paid payment instrument (PPI) service soon.
The company had received the Reserve Bank nod in March this year to run the semi-closed PPI service.
“We are now ready to run the semi-closed PPI service. Transcorp will now be able to enhance business opportunities in new areas,” said Himanshu Gupta, Chief Operating Officer, Transcorp International.
“The team has been working diligently in preparation of PPI licence and is ready with the portal — Transcash.money — for this business activity and it will be launched very shortly.”
Semi-closed PPI is a instrument that can be used for purchase of goods and services, including financial services, at a group of clearly identified merchant locations or establishments having specific contract with the issuer to accept payment instruments.
In addition, payment wallets can also be created.
“With this final approval from RBI, the company is now able to issue and operate the said payment instruments and create wallets, including mobile wallets,” Transcorp said in a release.
Companies like Paytm, Oxigen and Freecharge all use the PPI model for their operations.
The company said it has recently started various new business activities such as domestic money transfer and general insurance. It is also engaged with the country’s largest lender SBI as a business correspondent.
Transcorp is one of Western Union’s principal agents, with its own branches at over 40 locations and a franchisee network of more than 6,500 outlets across the country.