The process of getting a Mobile Wallet License from the Reserve Bank of India (RBI) includes several steps:

1. Company Formation: The candidate must first register a company under the Companies Act 2013 with the Registrar of Companies.

2. Application Submission: The candidate must fill out Form A, as stated under Regulation 3(2) of the Payment and Settlement System Regulations, 2008, and send it to the RBI along with the necessary fee. The application must include information such as:

• Composition of the applicant
• Proof of registered office address
• Certificate of Incorporation (COI)
• Detailed report on the company's main business
• Management information
• Statutory auditor details
• Latest reviewed balance sheet
• Banker's name and address
• Payment system process flow, technology, security features, interfaces, etc.
• Expected gains to the Indian banking system
• Amount and sources of own cash suggested

3. Screening Process: The RBI will start screening to ensure the applicant's prima facie eligibility.

4. In-Principle Permission: If the candidate meets the registration standards and other requirements, the RBI will give an 'in-principle' permission valid for six months.

5. System Audit: The candidate must send an acceptable System Audit Report to the RBI within six months. Failure to do so will result in the immediate loss of the in-principle approval.

6. Final Approval: After considering all the filed details, the RBI will allow the final approval, allowing the company to start the enterprise within six months.

By following this thorough process and meeting the RBI's requirements, companies can easily receive a Mobile Wallet License and enter the digital payments market in India.

Validity of Mobile Wallet License

A mobile wallet licence granted by the Reserve Bank of India (RBI) is usually valid for one year from the last updating or refiling of the prepaid payment instrument (PPI). However, PPI issuers can issue PPIs with a longer validity term.

The Certificate of Authorization issued by the RBI is valid for five years, unless otherwise stated, but is subject to periodic reviews and can be withdrawn by the RBI if necessary . If the PPI is given in the form of a card with a validity time stated on the card, the customer has the option to seek a replacement of the card upon expiration .

It is important to remember that the remaining amounts in any payment instrument cannot be cancelled instantly upon termination. The value may be drained at a rate of 10% of the outstanding value per month, and holders must be properly warned in advance regarding the end of the payment instrument's validity.

Benefits of Obtaining a Mobile Wallet License

Obtaining a mobile wallet licence offers numerous advantages:

1. Increased Customer Base: By giving mobile wallet services, businesses can attract a larger customer base that is rapidly moving towards digital payment methods. This can lead to higher trade numbers and better customer involvement.
2. Enhanced User Experience: Mobile wallets provide a smooth and easy payment experience for buyers. They can make purchases quickly and safely using their smartphones, removing the need to carry cash or cards.
3. Improved Security: Mobile wallets utilize advanced security methods to protect private user information. This greatly lowers the chance of scams compared to standard payment ways. Users can also set up fingerprint identification for extra protection.
4. Flexibility in Transactions: Mobile wallets offer freedom in handling various financial activities, including bill payments, money swaps, and online shopping. Users can store multiple payment methods and credit cards in one place, making it easier to access funds and benefits.
5. Increased Efficiency: By adopting mobile wallet services, companies can improve their payment processes and reduce the costs of handling cash and real cards. This can lead to better working effectiveness and decreased extra costs.

Why choose sangeethatax to obtain a mobile wallet licence?

Choosing sangeethatax for getting a Mobile Wallet License offers numerous benefits that simplify the process and ensure compliance.

• Expertise and Experience: sangeethatax boasts a team of experienced professionals, including Chartered Accountants and Corporate Lawyers. Their knowledge guarantees that all legal and regulatory requirements are met effectively.
• Comprehensive Services: They provide a one-stop answer for different business needs, including company formation, GST, and compliance help. This overall method improves the licensing process, allowing clients to focus on their core business activities.
• Timely Delivery: With a pledge to provide 99% of services on time, sangeethatax values speed. Clients can expect quick help throughout the application process, lowering delays and ensuring a smooth experience.
• Customer Satisfaction: sangeethatax has earned a 4.8/5 review on Google, showing its commitment to customer happiness. They value client standards at every step, ensuring a good experience.
• Affordable Pricing: Their services are reasonably priced, making them available for companies of all kinds. sangeethatax blends great service with sensible prices, ensuring value for money.

By picking sangeethatax, companies can handle the difficulties of getting a Mobile Wallet License with trust and ease.