Mufin Finance, an India-based non-banking financial institution, has secured in-principal approval for the Reserve Bank of India (RBI) for the issuance of semi-closed prepaid payment instruments (PPIs).

The licence enables fintech firms, digital lender and large consumer-facing applications to launch digital payment solutions and other features that supports lending.

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Mufin Finance is said to be in the process to roll out a digital payment solution, dubbed MufinPay, to complement its lending business, according to multiple sources.

The MufinPay platform will be used by the company to enhance the services it provides to more than 50,000 consumers and to further expand its userbase.

Mufin Finance co-founder Rajat Goyal said that the licence will enable the company to provide an array of complementing products for customers and build enhance partnerships with consumer firms and corporates.

“We will also be able to build better and deeper partnerships with consumer companies as well as corporates, furthering the journey of financial inclusion we started 6 years ago,” he added.

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Founded by Goyal and Kapil Garg in 2016, Mufin Finance operates as a comprehensive financial services provider and offers electric vehicle finance, personal loans, SME loans, working capital and other financial services.

PPI act as a store of value against which goods and services can be purchased and used to transfer funds. It can be in the form of gift cards, payment wallets, smart cards and vouchers.

RBI has previously granted similar licences to Bajaj Finserve, Manapurram and Paul Merchants.