ZikZuk Receives In-Principle Approval from RBI for Issuance of Prepaid Payment Instruments (PPIs)
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Value Chain
26 minutes ago
- Fashion Value Chain
Why Bajaj Finserv Personal Loan is Your Best Option for Low Interest Loans Up to Rs. 55 Lakh
For customers planning a destination wedding, covering unexpected medical bills, or managing multiple financial obligations, finding the right credit solution is essential. In today's competitive lending market, many are seeking low-interest loans with fast processing and flexible terms. The Bajaj Finserv Personal Loan stands out as a top choice-offering high-value loans with unmatched convenience and reliability. Bajaj Finserv Personal Loan A Personal Loan Designed Around the Customer's Needs With the increasing demand for quick and collateral-free financing, the Bajaj Finserv Personal Loan provides a seamless borrowing experience. Eligible individuals can avail of loans of up to Rs. 55 lakh, with instant approval and disbursal within 24 hours*, making it one of the most efficient financing solutions available. Top Reasons to Choose Bajaj Finserv Personal Loan High Value Loan : Customers can borrow up to Rs. 55 lakh to cover a variety of personal needs-ranging from home upgrades to education expenses or even emergency situations. Fast Processing: The personal loan application process is fully digital, offering instant approval and quick fund disbursal within 24 hours* of verification. Flexible Repayment Tenure: Borrowers can choose a repayment plan with a tenure of up to 96 months, giving them the flexibility to manage EMIs according to their monthly budget. Minimal documents: Personal loan documents required depend on the customer profile – and can include KYC documents, income proofs and so on. Multiple Loan Variants Bajaj Finserv offers three different personal loan types, allowing applicants to pick the format that best fits their financial habits: â Term Loan Full amount disbursed at once Fixed EMIs through the tenure Prepayment charges applicable Flexi Term Loan Interest charged only on the amount withdrawn Multiple withdrawals without reapplying No extra charges for part-prepayment Flexi Hybrid Term Loan Interest-only EMI option up to the first 24 months Option to withdraw funds as needed No extra charges for part-prepayments No Collateral or Guarantor Required: The loan is completely unsecured, which means applicants are not required to pledge any asset or arrange for a guarantor. Simple Eligibility Criteria Bajaj Finserv Personal Loan is available to a broad customer base with the following basic eligibility: Nationality : Indian Age : Between 21 years and 80 years* (*Higher age limit at the end of the loan tenure) Profession : Salaried or self-employed individuals CIBIL Score : 685 or higher Employment: Must be working with a public, private, or multinational company A Trusted Lending Partner As one of India's leading non-banking financial companies, Bajaj Finserv has built a reputation for responsible lending and customer-first service. From the streamlined application to transparent charges, every aspect of the loan process is designed to ensure customer satisfaction and ease. How to Apply Applying for a Bajaj Finserv Personal Loan is quick and entirely online: Visit the official Bajaj Finserv website Enter basic details to check if you have a pre-approved offer Fill up the form and do the KYC Customer representative will connect with you for further process. This process ensures that eligible customers can access much-needed funds without delays or complicated procedures. *Terms and conditions apply Bajaj Finance Limited Bajaj Finance Ltd. ('BFL', 'Bajaj Finance', or 'the Company'), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 69.14 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings. To know more, visit
Fashion Value Chain
26 minutes ago
- Fashion Value Chain
Beyond Chequebooks: SVP India Champions Strategic, Engaged Philanthropy for Social Impact
As India's philanthropic landscape matures, a quiet revolution is underway-one that goes far beyond chequebooks and charity events. Social Venture Partners India (SVP India), a network of over 750 compassionate individuals across eight major cities, is reshaping how we give. SVP India's model of 'engaged philanthropy' reflects a deeper, more strategic way of giving: combining financial support with time, expertise and networks to transform grassroots NGOs into high-impact organisations. Social Venture Partners India is a pan-India collaborative philanthropy organisation According to Bain & Company's India Philanthropy Report 2024, India's ultra-high-net-worth individuals (UHNWIs) are becoming more strategic in their giving. But beyond the top tier, even working professionals and mid-level donors are seeking deeper engagement. SVP India reflects this shift. Its members-49% of whom are senior working professionals and 34% business owners-don't just contribute financially. They actively work alongside NGOs to build capacity, improve governance, and enhance operational efficiency. Over the past decade, SVP India's partners have volunteered more than 25,000 hours with over 100 NGOs. The organization's structured process begins with rigorous NGO shortlisting, followed by the careful pairing of a Lead Partner whose professional experience aligns with the NGO's needs. These partnerships typically last for at least three years, allowing for deep collaboration and measurable progress. The result is not just stronger NGOs, but a cadre of philanthropists with firsthand insight into the challenges of the social sector. More than 90% of SVP India partners have stayed on for over five years-a testament to the community's impact and relevance. For NGOs, SVP India offers far more than financial support. Consider a Pune-based organisation working with hearing-impaired children. Despite a strong educational model, they faced scaling challenges. After partnering with SVP India, they were connected with a senior CSR consultant and a social sector strategist. This collaboration helped the NGO expand to a larger facility, secure job placements for students through corporate partnerships, build a robust fundraising network, and amplify awareness of their unique school model. This is not an isolated success. The strength of SVP India lies in its ability to mobilize sector-specific knowledge and networks. Partners have helped NGOs redesign governance frameworks, pitch to institutional funders, establish strategic collaborations, and even join policy advisory boards. The SVP staff-backed by over 180 years of collective social sector experience-curate tailored engagement programs based on partners' interests. Whether in healthcare, women's empowerment, waste management, disability rights, or employment generation, SVP ensures that partner involvement is both strategic and sustainable. A growing trend in Indian philanthropy is 'beyond money' giving-volunteerism, pro bono services, and network access. The Hurun India Philanthropy List 2023 notes a 30% rise in non-financial philanthropic contributions by professionals. SVP India is a practical embodiment of this trend. Its ecosystem enables learning, cross-sector collaboration, and long-term partnerships. Many partners continue to support NGOs beyond their initial commitment, often taking up advisory roles or mentorship. For those looking to begin or deepen their philanthropic journey, SVP India offers a tested, thoughtful model. It's a space where giving is not an act of charity, but a strategy for systemic change. It's where seasoned professionals find purpose beyond corporate boardrooms, and where small NGOs gain access to resources typically reserved for large institutions. At a time when India's development challenges are complex and interconnected, SVP India's model of strategic, hands-on philanthropy is not just relevant-it is essential.
Business Standard
27 minutes ago
- Business Standard
India GDP growth slows to 6.5% in FY25
India's economic growth slowed to 7.4 per cent in the January-March period, and pulled down the annual growth rate for 2024-25 to a four-year low of 6.5 per cent, mainly due to the manufacturing sector, official data showed on Friday. The growth in the January-March period was lower than the 8.4 per cent expansion in the year-ago quarter. The size of the Indian economy rose to Rs 330.68 lakh crore or about USD 3.9 trillion and set the stage for achieving the USD 5 trillion target in the next few years. In the previous 2023-24 fiscal year, the economy grew 9.2 per cent.
