RBI scraps certificate of authorisation of Vodafone’s mobile payment app

The Reserve Bank of India on Tuesday said it has cancelled the Certificate of Authorisation (CoA) of Vodafone m-pesa on account of voluntary surrender of authorisation.

Following the cancellation of the CoA, the company cannot transact the business of issuance and operation of prepaid payment instruments, the central bank said.

However, customers or merchants having a valid claim on the company as a PSO, can approach the company for settlement of their claims within three years from the date of cancellation i.e. by September 30, 2022.

Vodafone m-pesa, a Payment System Operator (PSO), had voluntarily surrendered the authorisation, it said.