EnKash Secures Prestigious PPI License, Strengthening Its Leadership in Corporate Cards and Spend Management
EnKash, a frontrunner in India’s fintech ecosystem, has reached a significant milestone. On April 9, 2025, the company announced that it had secured the coveted Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI). This move not only reinforces EnKash’s credibility but also elevates its leadership in the corporate cards and spend management space.
Importantly, EnKash has consistently positioned itself as an innovator. Since 2020, it remains the only fintech player to significantly scale the corporate card business in India. So far, the company has issued over a million corporate cards. By collaborating with leading banks and financial networks, EnKash has built a trusted and reliable payments platform.
Now, with the new PPI license in hand, EnKash can do even more. This regulatory approval empowers the company to offer prepaid instruments—such as wallets and cards—independently. Consequently, EnKash can accelerate its mission to streamline legacy systems, enhance digital infrastructure, and deliver faster financial solutions.
PPI License Opens Fresh Possibilities
Although EnKash has traditionally relied on bank partnerships, the PPI license opens fresh possibilities. For example, card issuance that once took days or weeks can now happen in minutes. Moreover, customers will benefit from a more agile and seamless experience. This strategic shift allows EnKash to build its own financial architecture, independent of bank-led systems.
Furthermore, EnKash is uniquely positioned with dual licenses—the Payment Aggregator (PA) license and now the PPI license. This combination enables the company to launch industry-first products that integrate payments, expense management, and card issuance into a single, cohesive platform.
In India, the prepaid instrument market is massive. These instruments facilitate more than $50 billion (₹4.2 trillion) in Gross Merchandise Value (GMV) annually. Use cases include National Common Mobility Cards (NCMC), Domestic Money Transfers (DMT), government benefit distribution, corporate payments, subscription wallets, and educational campus solutions. Thus, EnKash’s entry into this space with a robust license places it in a prime position to drive financial digitization across sectors.
While speaking on this achievement, Naveen Bindal, Co-founder of EnKash, emphasized the urgency to modernize financial systems. He remarked, “India’s payments infrastructure is among the world’s most advanced and continues to evolve rapidly—yet there’s still much to be done.”
Prepaid Card in 10 Minutes
He pointed out how card issuance still takes far too long. In comparison, sectors like e-commerce have revolutionized speed and convenience. “Why can’t we deliver a prepaid card with full KYC in 10 minutes?” he asked. “We’re making that a reality.”
This vision aligns with EnKash’s long-standing mission to simplify financial operations for businesses. By reducing friction, increasing speed, and ensuring compliance, EnKash is building the digital rails for the future of business finance.
Additionally, Bindal reaffirmed EnKash’s broader purpose. “This milestone cements our commitment to creating an agile and compliant financial ecosystem. As businesses increasingly seek seamless digital financial tools, EnKash will continue to lead the charge in delivering smart, scalable, and compliant spend and payment solutions.”
Beyond regulatory milestones, EnKash continues to enjoy strong industry backing. The company is now among an elite group of fintech firms—such as Razorpay, Pine Labs, and PhonePe—that hold both PA and PPI licenses. This dual certification sets a gold standard for operational excellence in the fintech sector.
Enkash Growth With Deep Partnerships
EnKash’s growth story is also supported by deep partnerships. It collaborates with leading banks including HDFC, ICICI, Axis, IDFC First, Kotak, and Yes Bank. Additionally, it works with major payment networks like Visa, Mastercard, NPCI, and American Express. These relationships ensure that customers receive secure, reliable, and widely accepted financial tools.
Moreover, EnKash has earned the trust of more than 5,000 businesses across India. It currently serves a network of over 250,000 members. Its impressive growth has been backed by $23 million in funding. Investors include marquee names such as Mayfield, Ascent Capital, Baring Private Equity Partners India, Axilor Ventures, and WhiteVentures—founded by fintech veterans Amrish Rau and Jitendra Gupta.
These investments not only reflect investor confidence but also reinforce EnKash’s reputation as a visionary in the space. The company has a proven track record of navigating regulations while staying ahead of industry trends.
Founded in 2018, EnKash has continually redefined what is possible in spend management. It was among the first platforms to offer a comprehensive suite that includes corporate cards, payments, and expense automation. With regulatory licenses such as PAPG (Payment Aggregator Payment Gateway), BBPOU (Bharat Bill Payment Operating Unit), and now PPI, EnKash offers a full-stack financial orchestration solution.
Enkash Empowers With Real-time Insights
Significantly, the EnKash platform empowers CXOs, CFOs, and finance teams with real-time insights, compliance tools, and automation. As a result, businesses can focus on growth while reducing operational overhead. In today’s fast-paced business environment, such efficiency tools are not a luxury—they are a necessity.
Looking ahead, the future appears promising for EnKash. As the demand for flexible and digital-first financial solutions grows, the company is well-positioned to capitalize on this momentum. By continuing to innovate and uphold regulatory standards, EnKash will remain a trusted partner for businesses navigating an increasingly complex financial landscape.
In conclusion, EnKash’s acquisition of the PPI license marks a new chapter in its journey. With the right licenses, the right partnerships, and the right vision, EnKash is not just participating in the future of fintech—it is actively shaping it. Through speed, innovation, and customer focus, the company exemplifies what modern financial services should look like.
Key CX (Customer Experience) Takeaways from EnKash’s PPI License Milestone:
- Faster Onboarding:
With the PPI license, EnKash can issue prepaid cards in minutes, dramatically reducing onboarding time. - Enhanced Control:
Businesses gain more flexibility and control over spend management through real-time tracking and automation. - Frictionless Payments:
Integrated payment solutions ensure smoother and quicker transactions, improving user satisfaction and efficiency. - Seamless KYC Process:
Full KYC-enabled digital issuance makes the experience secure yet hassle-free for customers. - Wider Use Cases:
From corporate payments to campus solutions, customers benefit from versatile prepaid instruments. - Omnichannel Support:
EnKash’s partnerships with banks and networks offer customers broad acceptance and convenience. - Compliance and Trust:
Dual licenses (PA + PPI) reinforce data security and regulatory trust, ensuring peace of mind for users. - Scalable Experience:
Whether a startup or enterprise, customers receive a consistent and scalable financial orchestration suite. - Innovative Tools:
CXOs and finance teams enjoy smart dashboards, real-time insights, and automation features that reduce manual work. - Future-Ready Platform:
EnKash is now better positioned to anticipate customer needs and deliver next-gen financial services.
