1 / 10Bajaj Finance is all set to join the likes of Paytm and Amazon in the prepaid payment segment with the Reserve Bank of India (RBI) approving the non-bank lender’s foray with perpetual validity. 2 / 10The move is part of Bajaj Finance’s broader strategy to expand its digital offerings. 3 / 10“We wish to inform that the RBI vide its letter dated 4 May 2021, has granted an authorisation to the Company for issuance and operation of semi-closed Prepaid Payment Instruments with perpetual validity,” the company said. 4 / 10A semi-closed PPI is effectively a digital wallet but one through which transactions can flow to merchants and establishments other than the one offering the wallet services5 / 10The wallet will become a part of Bajaj Pay, which is the company’s bid to provide an integrated platform for all payments solutions. Semi-closed System PPIs allow you to make payments to multiple merchants through the platform.6 / 10Cash withdrawal services, however, still remains prohibited. 7 / 10Besides, it can be like smart card, magnetic chip voucher, mobile wallet. Values can be transferred from cash, debit cards, credit cards and other PPIs.8 / 10This PPI does not allow you to make cash withdrawals or third party fund transfers. You can use this system to pay for goods and services.9 / 10You can pay multiple merchants through Bajaj Pay. However, cash withdrawals are not allowed. You will need KYC for PPI up to Rs 10,000.10 / 10If you are transacting up to Rs 1 lakh, you will have to complete all the KYC procedures. Once Bajaj Pay enters the market, users will have a new payment option.