Money transfer firm Transcorp International has received an in-principle approval from the Reserve Bank of India for providing semi-closed pre-paid payment instruments service. Post getting final approval from the RBI, the company will be able to issue and operate the payment instruments and create the payment wallets including mobile wallets, Transcorp said in a BSE filing. Semi-closed pre-paid payment Instruments allows the user to purchase goods and services, including financial services at a group of merchant establishments which have a specific contract with the issuer to accept the payment instruments. They do not permit cash withdrawal or redemption by the holder. Transcorp, a leading principal agent of Western Union, has presence in more than 40 locations and a franchisee network of more than 7500 throughout the country.
