Mumbai-based Prepaid Payment Instrument (PPI) Issuer LivQuik today announced achieving full Interoperability as mandated by the Reserve Bank of India for their Prepaid payments Instruments and is also the first PPI Issuer to have achieved full interoperability thereby allowing its customers the choice of issuing a prepaid payment Instrument that can be leveraged by a card, wallet or UPI.
Reserve Bank of India (RBI) laid down guidelines for allowing Interoperability of PPI instruments to provide choice to customers. PPI Issuers are mandated to facilitate interoperability for full-KYC wallets by 31st March 2022. With interoperability, customers of LivQuik will be able to optimise their payments and spending across wallets by attaching a card on Visa and RuPay networks and can also enable UPI.
Speaking on the occasion, Karan Talwar, Chief Operating Officer, LivQuik commented, “At LivQuik, we pride ourselves in providing the most comprehensive platform for customers to leverage our PPI capabilities and help them achieve their objective. We are very glad to be the first PPI to achieve full interoperability and are now looking to providing our capabilities to a wide array of customers. We have partnered with M2P Fintech to enable UPI on PPI to be offered along with our capabilities across cards, wallets, gift vouchers and other solutions.”
Rajesh Wadhwa, Chief Business Officer, M2P Fintech said, “Our Card + Wallet + UPI stack, along with the regulatory capabilities is the most comprehensive solution for Prepaid Payment Instrument providers and we are glad to have enabled LivQuik to be the first PPI in the country to achieve full interoperability. We do believe that LivQuik can offer several cutting-edge solutions in the market built on top of the M2P fintech stack to their customers.”
Founded in 2012, LivQuik is a RBI authorised Prepaid Payment Instrument Issuer and Full-Fledged Money Changer (FFMC). LivQuik operates three key business verticals at the intersection of Financial Services and Retail – Enterprise, Issuance, and Acquiring.