Monday, December 04, 2023
Outlook.com
Outlook India
Outlook Business

Mufin Group Gains RBI Approval For Prepaid Wallets, Set to Transform Digital Payments

The PPI license will also allow MufinPay to offer a comprehensive range of financial services, including a PPI Wallet, Prepaid Gift Cards, UPI, and FastTag among others

Mufin Group Gains RBI Approval For Prepaid Wallets, Set to Transform Digital Payments
Team At Mufin Group

Start-Up Team

POSTED ON October 25, 2023 6:25 PM

Mufin Group has received approval from the RBI (Reserve Bank of India) to launch their prepaid wallets in India. This is a significant achievement because they now have all the necessary licenses from the RBI for their different financial entities, including Mufin Green Finance, Rupee Circle, and Hindon Mercantile. Their prepaid wallet will be called "Mufinpay." 

With this license, MufinPay can offer various financial services, such as prepaid wallets, gift cards, UPI payments, FastTag, and other added features on its platform. They are also planning to introduce the MufinPay "Super App," which will make financial transactions easier and improve the user experience.

Mufin Green Finance is a company that focuses on financing electric vehicles, Rupee Circle is a platform for people to lend and borrow money directly, and BimaPay specializes in insurance premium financing. The MufinPay Super App aims to provide a user-friendly financial platform, especially for those who are not part of traditional banking, promoting financial inclusion and making financial services more accessible. 

Delighted about the announcement, Ankush Julka, COO at Mufin Group said, “We are truly honoured to be at the forefront of financial innovation in India. Our unwavering commitment to making financial services more accessible, convenient, and user-friendly will be a driving force in reshaping India’s financial landscape. Our journey has just begun, and we look forward to continuing to serve and empower individuals and businesses across the nation.” 

“United in purpose, our group is a driving force in reshaping India's financial landscape. With each unit contributing uniquely to the path of a financial revolution, our PPI-licensed products will empower the underserved customers with unmatched financial inclusivity”, Kapil Garg MD at Mufin Group added.  

Mufin Group being an avant-garde financial conglomerate will continue to work towards revolutionizing financial services to cater to the needs of individuals and enterprises nationwide. 

  • Related Articles

    Mufin Group has been working in the financial domain since 1985 through its parent company Hindon Mercantile Limited

    Transaction Banking Platform ‘TransBnk’ Partners With Mufin Group

    Mufin Green Finance 'Mufin' plans to strengthen its retail Electric Vehicle (EV) portfolio for two and three-wheelers (mainly electric-rickshaw and electric-three-wheeler vehicles) across the country

    Mufin Green Finance Raises $7 Million Green Bond from Symbiotics Investments

    Mufin Green Finance plans to allocate the acquired funds to strengthen its retail e-rickshaw or electric three-wheeler portfolio

    IREDA, Mufin Green Partner To Drive EV Penetration in India