We’ve crossed a milestone and not just any milestone. EnKash is now officially among the very few fintechs in India to hold both the Prepaid Payment Instrument (PPI) and Payment Aggregator (PA) licenses from the Reserve Bank of India. This isn’t just regulatory approval – it’s regulatory validation of the platform we’ve built, the trust we’ve earned, and the future we’re designing.
We’ve already issued 1 million+ corporate cards and serve over 250,000 network members. This license helps us supercharge that journey.
Why This Matters (More Than You Might Think)
With the PPI license, EnKash moves from a facilitator to a full-stack issuer, allowing us to build, customize, and operate prepaid products from the ground up. This unlocks a host of powerful benefits:
- Faster Go-To-Market: No dependency on third-party issuers means we can launch innovative payment solutions faster and more frequently.
- Greater Customization: We now have full flexibility to tailor prepaid offerings to suit unique customer needs — whether it’s for disbursing corporate rewards, managing employee expenses, or powering embedded finance journeys.
- Tighter Control & Enhanced UX: Owning the entire stack allows us to deliver smoother, more intuitive, and secure experiences for customers.
- Stronger Compliance and Data Governance: As a licensed issuer, we’re accountable directly to the regulator, bringing added transparency, resilience, and confidence to our ecosystem.
We’ve already issued 1 million+ corporate cards and serve over 250,000 network members. This license helps us supercharge that journey.
The Bigger Picture: What This Means for the Fintech Ecosystem
India’s prepaid market is massive — over ₹4.2 trillion (~$50B) in annual GMV. But for years, card issuance and wallet programs relied heavily on legacy systems, sluggish integrations, and long timelines.
That changes now.
EnKash joins a rare breed of fintechs that operate both on the consumer experience and infrastructure ownership fronts. This will inspire a new phase of vertical integration in Indian fintech, where platforms don’t just build features, they build rails.
India’s fintech ecosystem has matured dramatically, but the path to true innovation is often constrained by the need to rely on licensed entities for issuing prepaid instruments. EnKash securing its own license is a signal of market maturity and next-level vertical integration.
This move also sets a precedent. We’re likely to see a wave of fintechs building their infrastructure, rather than just riding on top of existing rails. For customers, this means more innovation. For the industry, it means tighter competition, better products, and faster evolution.
Why This Is a Strategic Power Move
This license doesn’t just expand our capabilities, it cements EnKash as a category leader in the B2B financial automation space. With solutions already spanning payments, expense management, cards, and collections, the addition of PPI licensing completes the trifecta:
Platform + Infrastructure + Distribution = End-to-End Control
It aligns perfectly with our mission to democratize enterprise-grade finance for every business, from startups to large enterprises.
We’re not just powering payments anymore. We’re now designing the very rails on which the next generation of B2B financial journeys will run.
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Final Thoughts
EnKash securing the PPI license is not just a milestone; it’s a mandate. A mandate to accelerate innovation, bring more ownership in-house, and deliver radically better experiences to businesses across India.
This is the future of B2B finance. Faster. Smarter. Built for scale. And now, fully in your hands.
