Muffin Finance Limited to offer Semi-Closed Prepaid Payment Instruments (PPIs) to customers in India
Muffin Finance Limited to offer Semi-Closed Prepaid Payment Instruments (PPIs) to customers in India
Muffin Finance Limited, a subsidiary of Hindon Mercantile Limited, said it will offer semi-closed prepaid payment instruments (PPIs) to customers in India.
The Reserve Bank of India (RBI) recently granted in-principle authorization to NBFC Hindon Merchantile to issue a semi-closed prepaid payment instrument. Mufin Finance will use this permit to launch MufinPay, a digital payments solution that will complement its lending business.
A semi-closed PPI license allows digital banks, fintech firms and large consumer-facing applications to roll out features such as digital payment solutions for lending.
“Mufin Finance was started with the aim of making an impact among the underprivileged sections of India. With this license, we will be able to offer a wide range of complementary products to our customers,” said Rajat Goel, Co-Founder, Muffin Finance.
“We will be able to build deeper and deeper partnerships with consumer companies as well as corporates, building on the journey of financial inclusion that we started 6 years ago,” he added. PPIs can come in the form of digital wallets, smart cards, magnetic chips and vouchers.