In-Solutions Global Ltd (ISG) has been granted authorisation by the Reserve Bank of India (RBI) to establish a payment system for the issuance and operation of Prepaid Payment Instruments (PPI). This approval, under the Payment and Settlement Systems Act, marks a significant milestone in ISG's mission to drive innovation and deliver advanced digital payment solutions.
ISG, with this authorisation, is now positioned to offer PPIs that cater to a broad spectrum of customers, facilitating secure and efficient transactions. The PPIs will enable users to load, store, and spend funds across various digital platforms, ensuring flexibility and convenience in managing everyday financial activities.
Adelia Castelino, Co-founder and Managing Director of ISG, expressed her delight at receiving this authorisation from the RBI. She stated, PPI functionality provides users with the tools they need to manage a wide range of payment transactions. Our goal is to extend these services to those who lack access to conventional banking or card privileges, all while ensuring a secure and seamless experience. This approval marks a crucial step in broadening our reach, allowing us to deliver innovative solutions to both businesses and consumers while adhering to the highest regulatory standards."
Satyajit Khade, Senior Vice President - Innovative Business Solutions at ISG, echoed Castelino's sentiments. He said, "We're honoured to receive the PPI license and committed to providing innovative payment solutions that fully comply with regulations. This milestone strengthens our position as a trusted payment services provider. We plan to scale our PPI offerings to include a variety of applications for different industries including transit, education, healthcare, etc solving their payment problems."
ISG, founded in 2004, has a legacy of providing innovative payment solutions and serving some of the largest financial institutions. It remains at the forefront of shaping the future of digital payments in India. The company offers secure, scalable, and innovative services that empower businesses and consumers through cutting-edge technology in the payments sector.
This development comes at a time when the Indian payments industry is witnessing rapid growth and transformation. The RBI's new UPI rule change for PPIs has opened up possibilities for users to use money in wallets like PhonePe and Amazon Pay to pay via any UPI. This move is expected to bring about a significant shift in the way digital transactions are conducted in the country.
The rise of digital payments has also brought with it the challenge of combating fraud. Financial institutions are adopting dynamic fraud risk management frameworks that balance risk management and customer experience. As they adopt new channels for customer engagement, launch new products and services, and make new alliances, the alignment of the fraud risk management process, data and systems, and the integration of all these elements will enhance the overall customer experience.
