Piramal Payment Services secures RBI approval for Piramal Pay
With this, Piramal Payment Services joins an elite group of Payment System Operators recognized by the RBI, poised to enhance the landscape of digital transactions in the country.
Piramal Payment Services secures RBI approval for Piramal Pay
New Delhi: Piramal Payment Services Limited, a subsidiary of Piramal Capital & Housing Finance Ltd, has secured approval from the Reserve Bank of India (RBI) to establish and operate its prepaid payment instrument (PPI) service, named 'Piramal Pay'.
This authorization, granted under the Payment and Settlement Systems Act of 2007, represents a significant step forward in delivering innovative digital financial solutions to millions of users across India, the company highlighted.
With this, Piramal Payment Services joins an elite group of Payment System Operators recognized by the RBI, poised to enhance the landscape of digital transactions in the country.
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'Piramal Pay' is designed to facilitate seamless, secure, and convenient financial transactions for both individuals and businesses, it added. Jairam Sridharan, Managing Director, of Piramal Capital & Housing Finance, expressed enthusiasm about the RBI's endorsement, stating, "We are delighted to receive this authorization, which reinforces our commitment to advancing digital financial services in the country."
He further highlighted that the launch of 'Piramal Pay' will provide a robust platform for prepaid payments, aimed at improving accessibility and convenience for users.
Piramal Capital & Housing Finance Limited, the parent company, is a prominent Non-Banking Financial Company (NBFC) engaged in retail and wholesale lending.
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