Transcorp International has received in-principle approval from the Reserve Bank of India (RBI) for running ‘semi closed pre-paid payment instruments (PPI)’ service. Semi-Closed PPI are payment instruments which can be used for purchase of goods and services, including financial services at a group of clearly identified merchant locations/ establishments which have a specific contract with the issuer to accept the payment instruments. Apart from this, payment wallets can also be created.
Transcorp is one of the leading principal agents of Western Union with having more than 40 own locations and a franchisee network of more than 7,500 throughout the country. It is also an authorized dealer category II licensed by RBI and providing money changing service from 21 of its own locations.
