India’s embedded finance market is exploding—and with it, demand for compliant, customizable digital wallets that don’t force fintechs to wade through regulatory red tape or outsource the guts of their payment infrastructure. EnKash, one of India’s leading RBI-regulated fintech platforms, is aiming squarely at that gap with the launch of its next-generation prepaid wallet infrastructure, designed for B2C companies that want to build payment flows in-house without building everything from scratch.

EnKash already holds both PPI (Prepaid Payment Instrument) and PAPG (Payment Aggregation) licenses, which puts it in rare company among India’s regulated fintech builders. Its new prepaid wallet stack extends that regulatory muscle to product teams in sectors like bill payments, campus ecosystems, loyalty, digital commerce, mobility, and more—letting them drop fully compliant, open-loop wallets directly into their apps with full control over UX and operations.

Instead of depending on third-party processors, unscalable plug-ins, or months-long licensing journeys, companies can now access an infrastructure layer designed for speed, autonomy, and deep customization.

Why This Matters: India’s B2C Wallet Infrastructure Has Been Long Overdue for a Rethink

Over the past decade, India has evolved from closed-loop wallets (think early-generation merchant wallets) to a UPI-first economy where digital transactions are ubiquitous. But not every use case works well with UPI.
Campus ecosystems, digital loyalty, travel platforms, community apps, and multi-service wallets often need:

• stored-value functionality
• programmable balances
• spend controls
• offline acceptance
• internal reward-to-cash flows
• micro-wallets for specific services

On top of that, the RBI’s regulatory expectations around PPIs have tightened significantly. Most consumer-facing fintechs—especially startups—simply don’t have the compliance bandwidth, licensing permissions, or in-house audit infrastructure to issue and operate wallets independently.

EnKash is positioning its prepaid wallet infrastructure as an answer to all of that: a compliant foundation that product teams can build on, rather than reinvent.

A Closer Look at EnKash’s Co-Branded Wallet Stack

EnKash’s new platform is built on its proprietary card and wallet system, which already powers thousands of businesses across India. This expansion brings B2C players into the fold with several standout features:

1. RBI-Compliant Open-Loop Wallets

Fully regulated under PPI guidelines, these wallets support secure, scalable transactions across merchants—online and offline. The open-loop model provides broad acceptance and avoids the limitations of merchant-specific wallets.

2. Integrated Payment Gateway

Fund loading has always been a friction point in consumer wallet flows. EnKash solves it with its built-in payment gateway, enabling real-time credit, unified visibility, and fewer moving parts for developers.

3. API-Driven Customization

From onboarding to KYC to spend rules to settlement logic, companies can shape the wallet experience via developer-grade APIs. This is crucial for apps that want branded flows without being boxed into standard wallet templates.

4. End-to-End Regulatory Infrastructure

Wallet issuance, transaction processing, dispute handling, audit trails, and compliance automation—EnKash handles it all. For fintechs operating in a heavily supervised ecosystem, this reduces risk dramatically.

Co-founder Naveen Bindal summed it up neatly:
“With our prepaid wallet stack, brands get everything they need, from integration to compliance, in one place. Whether you’re managing bill payments or campus solutions, this is the infrastructure layer that powers it all.”

The Bigger Picture: Infrastructure Is Becoming Fintech’s New Battleground

With the RBI sharpening oversight over PPIs, BNPL, digital lending, and prepaid flows, the fintech sector increasingly needs licensed, compliant infrastructure partners rather than lightweight SaaS wrappers. EnKash is part of a wider trend of fintechs shifting from being product-layer companies to infrastructure-first enablers.

This move also pushes EnKash deeper into the “wallet-as-a-service” space—a category that global players like Stripe, Marqeta, Cashfree, and M2P are circling as embedded finance becomes a default expectation in apps.

But EnKash’s advantage is distinctly Indian:

• native integration with RBI regulations
• end-to-end compliance automation
• licensed PPI + PAPG operations
• local settlement, KYC, and reporting alignment
• proven card and spend infrastructure

Where international API-first players must adapt to India’s regulatory landscape, EnKash builds for it from the ground up.

A Big Step in EnKash’s Strategy to Democratize Fintech Infrastructure

EnKash has long advocated for making enterprise-grade fintech infrastructure available to modern businesses without requiring them to build payment stacks internally. Its shift into co-branded wallet infrastructure continues that trajectory.

By bundling technology, compliance, APIs, and processing under one roof, the company creates a turnkey foundation for any B2C product that wants to embed payments—without losing time to licensing, partner dependencies, or regulatory bottlenecks.

If the company executes this at scale, it could become a key enabler of India’s next generation of fintech-powered consumer platforms, especially in ecosystems where wallet logic—not direct UPI payments—sets the user experience apart.

The Bottom Line

EnKash’s launch of an open-loop, RBI-regulated prepaid wallet stack is another sign that India’s digital payments ecosystem is entering its infrastructure phase.
Rather than dozens of apps reinventing compliance-heavy wallet systems, EnKash gives them a ready-made, customizable, regulator-aligned platform.

For B2C players looking to build faster, safely, and without regulatory headaches, this may become one of the most important fintech building blocks India has seen in recent years.