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Vodafone Files for Payments Bank License

Vodafone has filed an application with the Reserve Bank of India (RBI) for the Payments Bank licence. The company said its exploring options for partnerships and would look to leverage its telco experience in the mobile payments space. Note that RBI’s deadline for accepting payments bank applications ended on the 2nd this month. Previously, Vodafone subsidiary Vodafone M-Pesa Limited (VMPL) has received a three year renewal of its prepaid wallet license in November last year. Prior to this, Vodafone had a two-year license through its subsidiary Mobile Commerce Solutions Ltd which expired the same month. The company will have to merge its prepaid wallet business  if it gets a  payments bank licence.

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