What are the documents required for payment registration in India?

The following documents are typically required to register a payment platform or enable related payment services (e.g., UPI, e-wallet, etc.) in India, and the specific requirements may vary depending on the type of platform (e.g., PSP, PAYMENT GATEWAY, e-wallet) and the regulator (RBI, etc.):

I. Materials required for business/company registration

1. Company legal documents

   • Certificate of Incorporation (Certificate of Incorporation)
   • Business Licence (GST Registration Certificate)
   • PAN Card (Permanent Account Number)
   • Identity documents of directors and shareholders (Aadhaar card, passport, PAN card, etc.)

2. Bank-related documents

   • Indian counterpart bank account certificates
   • Recent bank statements

3. Compliance and Tax Documentation

   • GSTIN number (Goods and Services Tax Identification Number)
   • TAN card (tax deduction account number, if required to process tax withholding operations)

4. technical document (for online payment gateway/API services)
   Proof of ownership of the domain name of the website
   Privacy Policy and Terms of Service
   Certificate of Security Compliance

5. Other licences
   Additional licences may be required depending on the type of business:

• PAYMENT AGGREGATOR (PA) LICENCE from RBI
• PCI-DSS certified (processing credit card data)
• FSSAI licence (if food industry is involved)

II.Individual user registration for UPI/e-wallet

1. compulsory material:
   -Mobile phone number (must be linked to bank account)
   -Aadhaar card (12-digit biometric ID)
   -Associated Indian Savings Bank Account Number + IFSC Code

2.Common supplementary materials:
-PAN card (required for large transactions)
-Proof of address (e.g., utility bill).

III.Special Requirements for Foreign Enterprises
Foreign companies conducting payments business in India are usually required to go through.
1️⃣ Establishment of local subsidiaries
2️⃣ meets FDI restrictions
3️⃣ Additional submission of parent company qualification documents

It is recommended that local legal counsel be consulted to ensure compliance with the Foreign Exchange Management Act (FEMA).

⚠️ Note: RBI has tightened regulation on cross-border payments from 2023 and some operations may require pre-approval. KYC requirements for small payment instruments (Small PPIs) may be less stringent.

If platform specific processes are required (Paytm, PhonePe, Razorpay, etc.), more details can be provided for further answers.

Well, here are further details added on registration and operations of payment platforms in India, covering different business scenarios, FAQs and practical advice:

IV. Additional requirements for breakdown by type of business

1. E-purse/PPI (prepaid instrument)

• RBI Classification::
  • Mini PPI(Limit Rs. 10,000) : Minimum KYC (Mobile No. + Aadhaar verification) only.
  • Full-featured PPI: Full KYC required (ID + proof of address + biometrics).
• Key materials::
  • RBI's pre-paid tool licence application file.
  • Anti-Money Laundering (AML) Policy Documentation.

2. Payment Gateway/Payment Aggregator

• RBI Mandatory(Updated 2024):
  • Minimum net worth of Rs. 20 million (about $240,000).
  • Proof of compliance for localised data storage.
• Technical Audit Highlights: PCI-DSS certification, encryption standards, fraud monitoring system documentation.

3. UPI third-party application registration (e.g. PhonePe, Google Pay)

• Approval through NPCI (National Payments Corporation) is required for submission:
  ① UPI plug-in technology programme; ② dispute resolution mechanism; ③ user funds escrow agreement.

V. 3 Modes of Entry of Foreign Enterprises into India

⚠️ Risk Warning: Foreign holdings in excess of 261 TP3T may trigger stricter RBI scrutiny.

VI.5 High Frequency Questions in Practice

1. Q: Are PAN card and GSTIN mandatory?
   A: PAN card is mandatory for all business entities; GSTIN is required only if the annual turnover exceeds Rs. 4 million (service sector).

2. Q: Can the Aadhaar card be replaced by a passport?
   A. Foreign investors only--Indian residents must provide Aadhaar for e-KYC.

3. Q: How long does KYC verification take?

• Basic KYC (OTP Verification): Instant Completion
• Full KYC (video verification): usually 48 hours

4.Q:What is the approval cycle for RBA licences?
6-8 months on average, with a recommended buffer in advance.

5.Q Which states have special policies?
Example.Gujarat, state in west IndiaFast-track registration for fintech start-ups.

VII.Cost Reference(using a payment gateway as an example)
1️⃣ Licence Fee.
- RBI Application Fee.Rs. 5 lakhs
- Annual fee for PCI-DSS certification.Rs. 8 lakhs

2️⃣ Labour costs.
Compliance Officer Monthly Salary:~ Rs. 15-25 lakhs (Mumbai/Delhi Benchmark)

VIII.Latest News (2024)

• NPCI to launch 'UPI Lite X': non-banking institutions allowed to participate, thresholds may be lowered.
• GST rules amended:e-commerce platform withholding tax (TDS) percentage adjusted to 1%.

If an in-depth analysis of a specific aspect is required (e.g., how to pass NPCI's technical tests), specific directions can be communicated!