{"id":35350,"date":"2021-09-06T11:58:31","date_gmt":"2021-09-06T06:28:31","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=35350"},"modified":"2025-01-07T17:39:34","modified_gmt":"2025-01-07T12:09:34","slug":"documents-of-payment-gateway-license-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/documents-of-payment-gateway-license-in-india\/","title":{"rendered":"Documents of Payment Gateway License in India"},"content":{"rendered":"\n<p class=\"has-drop-cap\">To ease the process of transferring money and make it technology-savvy the Reserve Bank of India (\u201cRBI\u201d) has taken various steps to make the payment process faster, hence Reserve Bank of India has established the payment wallet license or prepaid wallet license. The Payment Gateways acts as an intermediary between the various banks and the websites that furthers the communication of all the data\u2019s and information of the Transactions. To obtain the <a href=\"https:\/\/corpbiz.io\/payment-gateway-license\" title=\"Payment Gateway License in India\"><strong>payment gateway license<\/strong><\/a> it is important to submit all the necessary documents and hence, in this article we will let you know about all the Documents of Payment Gateway License in India.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/documents-of-payment-gateway-license-in-india\/#What_is_Payment_Gateway_License_in_India\" >What is Payment Gateway License in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/documents-of-payment-gateway-license-in-india\/#What_are_the_Requirements_of_Payment_Gateway_License\" >What are the Requirements of Payment Gateway License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/documents-of-payment-gateway-license-in-india\/#What_is_the_Capital_Requirement_of_Payment_Gateway_License\" >What is the Capital Requirement of Payment Gateway License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/documents-of-payment-gateway-license-in-india\/#What_is_the_procedure_of_Registration_for_Obtaining_Payment_Gateway_License_in_India\" >What is the procedure of Registration for Obtaining Payment Gateway License\nin India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/documents-of-payment-gateway-license-in-india\/#What_are_the_required_Documents_of_Payment_Gateway_License_in_India\" >What are the required Documents of Payment Gateway License in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/documents-of-payment-gateway-license-in-india\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Payment_Gateway_License_in_India\"><\/span>What is Payment Gateway License in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An\nonline payment gateway acts as a channel connecting the bank accounts to the\nportal where the user is required to transfer the respective amount. A payment\ngateway is a kind of software that allows any person to carry out an online\ntransaction through different payment modes available. A payment Gateway\nfacilitates as the third party that safely and securely transfers the money\nfrom the user\u2019s bank account of the merchant\u2019s payment portal.<\/p>\n\n\n\n<p>For example, if someone is purchasing any product from shopping online from any shopping portal like \u201cXYZ\u201d and then you make payment where the payment gateway assists in transferring the money to \u201dXYZ\u201d.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/online-payment-gateway-license-india\/\">Overview of Payment Gateway License in India <\/a><\/mark><\/p>\n\n\n\n<p><strong><em>The different forms of the payment wallet license are:<\/em><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"998\" height=\"212\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/What-is-Payment-Gateway-License-in-India.png\" alt=\"What is Payment Gateway License in India\" class=\"wp-image-35391\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/What-is-Payment-Gateway-License-in-India.png 998w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/What-is-Payment-Gateway-License-in-India-300x64.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/What-is-Payment-Gateway-License-in-India-768x163.png 768w\" sizes=\"(max-width: 998px) 100vw, 998px\" \/><\/figure><\/div>\n\n\n<p>The\npayment services are functioning under the regulations of finances and it is performed\nvia internet, mobile or cards. The issuing and regularity authority that issues\nthe prepaid payment license or the Payment wallet license is the RBI. It is the\nauthority of the RBI to issue rules and guidelines for the prepaid payment\nwallets. Payment wallet platform are the instruments that make possible the\npurchase of services and goods against the value that is stored on such\ninstruments. These prepaid instruments are issued as the magnetic stripe cards,\ninternet accounts, smart cards, mobile accounts, paper vouchers and mobile\nwallets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Requirements_of_Payment_Gateway_License\"><\/span>What are the Requirements of Payment Gateway License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>The basic requirement of the Payment Gateway License in India is given as follows:<\/strong><\/em><\/p>\n\n\n\n<ul>\n<li>The said company or entity should be incorporated under the <em><strong>Companies Act 2013<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Companies_Act_2013\"><em><strong>[1]<\/strong><\/em><\/a><\/sup> provisions or under the Companies Act 1956;<\/li>\n\n\n\n<li>At least Minimum number of 2 Members;<\/li>\n\n\n\n<li>A Minimum number of 2 Directors;<\/li>\n\n\n\n<li>Complete Address Proof of the Business;<\/li>\n\n\n\n<li>Detailed 5 years of the Business Plan;<\/li>\n\n\n\n<li>The Company\u2019s PAN number;<\/li>\n\n\n\n<li>The Company\u2019s Current Bank Account details;<\/li>\n\n\n\n<li>The System Flow &amp; Report of Code Testing by the Agency of Software Certifying;<\/li>\n\n\n\n<li>The Registration Number &nbsp;of Service Tax;<\/li>\n\n\n\n<li>Compliance with PCI DSS;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Capital_Requirement_of_Payment_Gateway_License\"><\/span>What is the Capital Requirement of Payment Gateway License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>The capital requirement of the Payment Gateway License in India is as follows:<\/strong><\/em><\/p>\n\n\n\n<ul>\n<li>As per the guidelines of the Reserve Bank of India only the Non Banking Financial Companies (NBFCs) and the schedule banks has the requirement for complying with Capital Adequacy Requirements. Moreover, only these are allowed to issue the instruments of      prepaid payment,<\/li>\n\n\n\n<li>All the entities that are allowed to issue the foreign exchange Prepaid Payment Instrument under the provisions of Foreign Exchange Management Act 1999 (<a href=\"https:\/\/corpbiz.io\/fema-compliance\" title=\"FEMA Compliance\"><strong>FEMA<\/strong><\/a>) are relaxed from the guidelines of RBI and the scope. Furthermore, the utilization of such instruments shall be limited to the acceptable dealings and current account transactions and are subject to the standard restrictions under the Foreign Exchange Management (Current Account Transactions) Rules 2000, as has been amended accordingly.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_procedure_of_Registration_for_Obtaining_Payment_Gateway_License_in_India\"><\/span>What is the procedure of Registration for Obtaining Payment Gateway License\nin India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\napplicants should be prepared with the documents of Payment Gateway License before\ngetting involved in the procedure of registration for getting the License in\nIndia and it is as follows:<\/p>\n\n\n\n<ul>\n<li><strong>To File Application For Registration<\/strong><\/li>\n<\/ul>\n\n\n\n<p>&nbsp;The first step requires the applicants to file\nan application to obtain the authorization in the approved Form A. It is done on\nthe basis of the section 5(1) of the PSS Act provision.<\/p>\n\n\n\n<p>Moreover,\nthe same application shall be submitted to \u201cChief General Manager\u201d of the\n\u201cDepartment of Payment &amp; Settlement Systems\u201d at the RBI Central Offices located\nat Mumbai, or at different offices of the RBI, as will be prescribed from time\nto time.<\/p>\n\n\n\n<ul>\n<li><strong>RBI Checks Authenticity<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Based\non the provisions of section 6 of the Payment and Settlement System Act 2007,\nit is completely discretionary to obtain the RBI\u2019s permission for issuance of\nthe authorization.<\/p>\n\n\n\n<p>In addition,\nthe Reserve Bank of India (RBI) reserves the authority to carry out such kinds\nof inquiries as may be required with the purpose to satisfy themselves concerning\nthe authenticity of the details and information &nbsp;that have been given by the applicant and also\nto check the qualifications of all the involved participants.<\/p>\n\n\n\n<ul>\n<li><strong>Compliance Of the Conditions for getting Authorization<\/strong><\/li>\n<\/ul>\n\n\n\n<p>The\nReserve Bank of India will take into considerations the following conditions before\nissuing the authorization:<\/p>\n\n\n\n<p>a) All\nthe technical standards that have been decided for making the payment mechanism\nor finalized for the payment system structure,<\/p>\n\n\n\n<p>b)The necessity\nfor the system of proposal payment or other services that has been recognized\nto be undertaken;<\/p>\n\n\n\n<p>c) The\nterms and conditions including the security procedure that is decided for the functioning\nof proposed payment system;<\/p>\n\n\n\n<p>f) The financial\nstatus and general experience of the management and the integrity of the\napplicant;<\/p>\n\n\n\n<p>d) The procedure\nin which the transfer is done in the respective payment system;<\/p>\n\n\n\n<p>e) The technique\nor the way for getting the directions of payment that can affect the payment conditions\nunder the payment system;<\/p>\n\n\n\n<p>g) The terms\n&amp; conditions that manages and administer the relationship of the customers\nwith the respective payment provider;<\/p>\n\n\n\n<p>h) The\nmonetary policies and the credit;<\/p>\n\n\n\n<p>i) Time\nframe for authorization;<\/p>\n\n\n\n<ul>\n<li><strong>Issuance Of the Authorization Certificate<\/strong><\/li>\n<\/ul>\n\n\n\n<p>If the\nReserve Bank of India feels satisfied that all the conditions under section\n7(1) are fulfilled accordingly, then it may give the Authorization Certificate\nin the Form \u2018B\u2019 for carrying or initiating the payment system to the applicant.\nFurthermore, the approval shall be effective from the date as approved by RBI\nand as per the conditions imposed by the RBI.<\/p>\n\n\n\n<ul>\n<li><strong>Authorization Within 6 Months<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Based\non the provision of section 4 of the Payment and Settlement System Act 2007, it\nis obligatory for the RBI to process the application filed for authorization\nwithin a maximum time limit of six months, which shall start from the date from\nwhich the application for the authorization was filed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_required_Documents_of_Payment_Gateway_License_in_India\"><\/span>What are the required Documents of Payment Gateway License in India?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em><strong>The important documents of Payment Gateway License in India and are required to be submitted for obtaining the license are as follows:<\/strong><\/em><\/p>\n\n\n\n<ul>\n<li>Company\u2019s Certificate of Incorporation\u2019s&nbsp; copy issued by the      Registrar of Companies (ROC);<\/li>\n\n\n\n<li>The complete information of the PAN Card of all the Directors;<\/li>\n\n\n\n<li>The Complete Address and other contacts of the Directors;<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/corpbiz.io\/dsc-registration\" title=\"DSC Registration\">Digital Signature Certificate<\/a><\/strong>(DSC) of the Directors;<\/li>\n\n\n\n<li><strong><a href=\"https:\/\/corpbiz.io\/din-under-mca\" title=\"Apply for DIN\">Director Identification Number<\/a><\/strong>(DIN) of the Directors;<\/li>\n\n\n\n<li>The detailed Address of the Registered Office;<\/li>\n\n\n\n<li>The Company\u2019s existing Bank Account details;<\/li>\n\n\n\n<li>The Company\u2019s <a href=\"https:\/\/corpbiz.io\/business-plan\" title=\"Business Plan\"><strong>Business Plan<\/strong><\/a> for total five Financial Years;<\/li>\n\n\n\n<li>The Report of the Software Agency regarding the Testing Code.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are numerous benefits of the prepaid wallets and the payment gateway license as they have become the method through which the latest age transfers money. These are no chances that these wallets can get stolen and are also a fast track method for transferring. Therefore, it is important for the user to submit all the above mentioned documents of payment gateway license for obtaining the license. Hence, as per the main checklist, the required documents&nbsp;of payment gateway license are the major criterion for getting the license.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/complete-outlook-of-payment-bank-license-online-in-india\/\">A Complete Outlook of Payment Bank License <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To ease the process of transferring money and make it technology-savvy the Reserve Bank of India (\u201cRBI\u201d) has taken various steps to make the payment process faster, hence Reserve Bank of India has established the payment wallet license or prepaid wallet license. The Payment Gateways acts as an intermediary between the various banks and the [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":35390,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[329],"tags":[1949],"acf":{"service_id":"92"},"authorName":"Kandarp Vanita","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/image_2021_02_01T09_09_44_024Z.png","authorDescription":"Kandarp Vanita has done masters in Corporate and Commercial Law from WB National University of Juridical Sciences. She has 3 yrs of experience in drafting legal documents &amp; dissertations. Being a curious reader, she is also passionately into providing legal backups and comprehensive understandings in every aspect of Law to the firms.","postViews":3929,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/35350"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=35350"}],"version-history":[{"count":22,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/35350\/revisions"}],"predecessor-version":[{"id":68224,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/35350\/revisions\/68224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/35390"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=35350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=35350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=35350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}