Payment intermediary services refer to the process through which information is exchanged while conducting business dealings between a client and a dealer. The service collects the particulars of the clients and uses this information to make a purchase. However during the transaction, the particulars of the Client are not disclosed.
This type of license is suitable to those who are desirous of operating as an online Payment Service Provider (PSP). With the increase use of the internet around the world, this mode of payment is rapidly becoming the norm.
This license can only be applied for under a Category 1 Global Business Company and with the approval of the FSC. One of the licensing conditions is that the company must maintain an unimpaired capital of at least Rs 500,000 or its equivalent.