prepaid instruments in India are regulated. Beyond a certain limit you need to do a full KYC. Issuing a prepaid/wallet needs a license with fairly high capital

prepaid instruments in India are regulated. Beyond a certain limit you need to do a full KYC. Issuing a prepaid/wallet needs a license with fairly high capital and regulatory requirements (in the same order of magnitude as the payments bank). You can issue a card in partnership with a bank or another license holder, but as i said before - in that case you better have a business model for that, because you aint gonna make money from MDR or anything.