Kreon Finnancial Services Set to Enter Digital Payments Arena with License Applications

Kreon Finnancial Services Limited, a leading company in earned wage access and financial well-being solutions, has said it plans to seek both a Payment Aggregator (PA) license and a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India. The move indicates Kreon's desire to increase its presence in India's fast-expanding digital payments environment.

 

Key Highlights

 

Kreon Finnancial Services will approach the RBI for regulatory approval to act as a payment aggregator so that it can process and enable digital payments of merchants and consumers through various channels like cards, UPI, and wallets.

 

The firm will further seek a PPI license that would enable it to issue prepaid payment instruments such as digital wallets and prepaid cards, enabling the users to save value and undertake smooth transactions on different services like transport, retail, and internet purchases.

 

In order to receive these licenses, Kreon has to comply with rigorous RBI norms, such as a minimum net worth of INR 15 crores at the point of application, increasing to INR 25 crores within three years, strong data security and fraud-proofing mechanisms, and rigorous KYC and AML guidelines.

 

The application process will be conducted through the RBI’s PRAVAAH portal, which streamlines digital submission and monitoring of regulatory approvals and is mandatory for all applicants from May 2025.

 

If successful, Kreon’s entry into the payment aggregation and prepaid wallet space is expected to enhance its service offerings, strengthen its market position, and contribute to the broader push for digital financial inclusion in India.

 

This strategic move is in line with Kreon's mission to encourage financial health through the provision of innovative, technology-based payment solutions to professionals and businesses alike.

 

Sources: Kreon Finnancial Services, Reserve Bank of India, CorpZo, Enterslice