VMPL
Hyderabad (Telangana) [India], May 19: ZikZuk, a fast-growing fintech startup headquartered in Hyderabad, announces that it has received in-principle authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI). With this strategic approval, ZikZuk is set to enter India's dynamic digital payments space with powerful prepaid wallet and card-based payment offerings.
PPIs are instruments that facilitate the purchase of goods and services, conduct financial services, and enable remittance facilities, against the value of money stored within themselves. PPIs are designed to facilitate cashless transactions. Some of the applications of PPI include smart cards for mass transit & travel, digital wallets, or mobile apps that store money for financial transactions. Users can load money and use them for various payments, including online purchases, bill payments & in-store transactions.
RBI now allows users of PPIs to conduct UPI payments through third-party UPI apps like Cred, Google Pay, Amazon Pay, etc.
With this approval from the Reserve Bank of India (RBI), PPI issuers can issue prepaid wallets and cards and enable UPI payments. ZikZuk is set to operate as a full-fledged domestic player in one of the world's most dynamic FinTech markets.
"We're extremely excited to receive this in-principle approval from the RBI," said Rahul Rasa, Co-founder of ZikZuk Technologies. "This is a big step in our journey to build innovative financial products from the ground up, designed specifically for the Indian market. With PPIs, we'll be able to empower users with secure, seamless, and scalable digital payment tools."
This approval signals the RBI's growing support for new-age Indian fintech players, enabling them to participate more meaningfully in the country's expanding digital economy. ZikZuk's entry into the PPI space is expected to bring fresh energy and user-first innovations to a sector currently dominated by established names such as PhonePe, Paytm, MobiKwik, Scapia, and Jupiter.
With this green light from the RBI, ZikZuk joins a select group of companies poised to shape the future of India's digital payment infrastructure.
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