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LivQuik becomes the first fintech to achieve RBI’s PPI interoperability guidelines

LivQuik, a prepaid payment instrument (PPI) issuer, announced that it has achieved full interoperability for its Prepaid Payment Instruments, as mandated by the Reserve Bank of India. According to the firm, it is also the first PPI issuer to achieve full interoperability. PPI issuers must enable full-KYC wallet interoperability by March 31, 2022, according to RBI rules.

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KEY POINTS:

  • Customers of LivQuik will be able to optimise their payments and spending across wallets by attaching a card on the Visa and RuPay networks, as well as enabling UPI, thanks to interoperability, according to the business.
  • Karan Talwar, LivQuik’s Chief Operating Officer, spoke at the event and said, “At LivQuik, we take pride in offering customers the most comprehensive platform for leveraging our PPI capabilities and achieving their goals. We’re thrilled to be the first PPI to achieve full interoperability, and we’re excited to provide our services to a wide range of clients. We’ve teamed with M2P Fintech to deliver UPI on PPI with our existing capabilities in cards, wallets, gift certificates, and other products.”
  • M2P Fintech’s Chief Business Officer, Rajesh Wadhwa, stated, “Our Card + Wallet + UPI stack, along with regulatory capabilities, is the most comprehensive solution for Prepaid Payment Instrument providers, and we’re proud to have helped LivQuik become the country’s first fully interoperable PPI. We believe LivQuik can provide its customers with a number of cutting-edge solutions built on top of the M2P fintech stack.”
  • LivQuik is an RBI-authorized Prepaid Payment Instrument Issuer and Full-Fledged Money Changer that was founded in 2012. (FFMC). Enterprise, Issuance, and Acquiring are LivQuik’s three primary business verticals at the junction of Financial Services and Retail.

About LivQuik:

LivQuik is a Mumbai-based Fintech startup that was recently onboarded to global payment network VISA‘s Fintech Fastrack Program as a Prepaid Payment Issuer and Full Fledged Money Changer (FFMC) by the Reserve Bank of India. With its enterprise-grade wallet platform and SAAS based Gifting platform, LivQuik provides the Fintech infrastructure to enable Prepaid Payments and manages highly scalable technology across the payments value chain for the Retail industry.

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