Singapore-based Nium has expanded its geographical reach by securing two in-principle approvals for two payment licenses in India, the Prepaid Payment Instrument (PPI) license and the Payment Aggregator (PA) license. Both licenses are issued by the country’s central bank, the Reserve Bank of India.

Nium Obtains Indian In-Principal Licenses

Announced today (Monday), the two licenses will allow the company to offer a range of payments-related services and products in the country. The PPI license will allow the company to offer pre-paid cards, whereas the PA license will enable it to provide merchant onboarding and acquiring services.

“Nium prides itself on applying its expertise in global payments to advancing payments ecosystems around the world,” said Anupam Pahuja, the Executive Vice President and General Manager of Asia Pacific, Middle East, and Africa at Nium. “These licenses make Nium a one-stop-shop for all payment needs in India. For the end customer, Nium is making it seamless for Indians to shop the world.”

Expansion Continues

Nium opened its Singapore headquarters last year and expanded its physical presence in San Francisco and Amsterdam. Launched in 2014, the company operates with 11 licenses globally and recently acquired two in-principal approvals. The company also acquired Wirecard Forex, a payment services company in India, in 2020 after Wirecard, the parent German fintech giant, fell.

In 2022, the payments company generated $82 million in net revenue, an annual increase of 2.7 times, with an annual revenue run rate of more than $100 million.

The in-principal approvals of Nium came when Paytm, a payments giant in India, was facing massive regulatory backlash. The Indian central bank recently imposed massive restrictions on Paytm, which will not be able to receive deposits after February 29. However, the users of that platform would still be able to withdraw and utilize their proceeds in Paytm wallets.

Recently, Paytm said the company and its Chief Executive are not under any money laundering probe. However, the publicly-listed stock price of that company touched its lowest level today after dropping 10 percent when trading was suspended.