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Prepaid Payments License - Muds Management

Muds Services:<br>1. Resolution of all queries regarding documents and procedural requirements.<br>2. End-to-end assistance in obtaining PP license from RBI.<br>3. Complete support in business plan development, IT Planning, and Application Filing.<br>4. Consultations and advisory for PCI DSS Compliance.<br>5. Advisory on Wallet Type (Closed & Semi-Closed, Open).<br>https://muds.co.in/prepaid-wallet-license-3/

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Prepaid Payments License - Muds Management

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  1. Prepaid Payments License MUDS Management Pvt. Ltd.

  2. MUDS Services 2 3 1 4 5 End-to-end assistance in obtaining PP license from RBI. Advisory on Wallet Type (Closed & Semi-Closed, Open). Resolution of all queries regarding documents and procedural requirements. Complete support in business plan development, IT Planning, and Application Filing. Consultations and advisory for PCI DSS Compliance. MUDS Management Pvt. Ltd.

  3. An Overview • A Prepaid Wallet license is a Prepaid payment instrument that facilitates the purchase of goods and services, including funds transfer, against the value stored on such instruments. • The value stored on such instruments represents the value paid for by the holders by: • Cash • Debit to a bank account • Credit card MUDS Management Pvt. Ltd.

  4. The pre-paid instruments can be issued as Internet Accounts Smart Card Magnetic Stripe Cards Internet Wallets Mobile Accounts Paper Vouchers Any such instrument which can be used to access the pre-paid amount Mobile Wallets MUDS Management Pvt. Ltd.

  5. Classification of PrepaidPayment Instruments 1 2 3 Closed System Payment Instruments Semi-Closed System Payment Instruments Open System Payment Instruments MUDS Management Pvt. Ltd.

  6. Capital and Eligibility Requirements for Issuing Prepaid Wallet License Licensed / Scheduled Banks and Registered NBFCs All Other Existing Entities 1 2 Newly incorporated entities 3 5 Non-banking entities registered under Companies Act and applying for authorization Applicant Companies with FDI/FII 4 MUDS Management Pvt. Ltd.

  7. Condition to Issue Prepaid Payment Instrument The maximum validity of the prepaid gift instruments shall be three years. The maximum value of each such payment instrument shall not exceed Rs. 50,000/-. These instruments shall not be reloadable. 01 02 03 MUDS Management Pvt. Ltd.

  8. Condition to Issue Prepaid Payment Instrument Cash withdrawal shall not be permitted for such instruments. Full KYC of the purchasers of such instruments shall be maintained. The issuer shall maintain the details of the persons to whom such instruments have been issued. 04 05 06 MUDS Management Pvt. Ltd.

  9. How Prepaid Wallet isdifferent from Digital Wallet? In case of a digital wallet, your money continues to remain in your bank account or credit card. In a prepaid wallet, the money moves from your account to either a merchant’s current account or an escrow account depending on the type of wallet. 01 02 MUDS Management Pvt. Ltd.

  10. Documents Required For Prepaid Wallet License MUDS Management Pvt. Ltd. 01 02 03 ID Proofs of promoters in the company. Address proof of the registered office. Certificate of Company Incorporation.

  11. Documents Required For Prepaid Wallet License MUDS Management Pvt. Ltd. 04 05 06 Objects of the company. Documents for verifying qualification. Experience details of the management.

  12. Documents Required For Prepaid Wallet License MUDS Management Pvt. Ltd. 07 08 09 Details of the statutory auditors of the company. Name of company’s banker. Address of company’s banker.

  13. Advantages of a Prepaid Wallet Transfer of money is quicker Easy to carry money No cost of operation Rewards and bonuses for customers 01 02 03 04 Easy to add money Autopay features Cashless wallets No fear to lose money 05 06 07 08 MUDS Management Pvt. Ltd.

  14. Period of Validity forPrepaid Wallet License MUDS Management Pvt. Ltd. 01 02 03 Prepaid wallet license issued by RBI has a minimum validity of 6 months from the date of issuance to the holder. For non-reloadable wallets, the transfer of outstanding amount at the time of expiry is permissible for the new payment issuer. The outstanding balance of the wallets cannot be terminated at the expiry of the license of wallet instrument.

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