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what licence is required for wallet of online cricket website
27-Jul-2023 (In Startup Law)
I have a fantasy cricket website being developed right now. In my website, I have a wallet system, where an user can deposit money to play in various competitions present on the website. One of my friend says that, I need some kind of license for the wallet system on my website. Will there be any kind of legal issues?
In terms of Section 5 of the Payment and Settlement Systems Act, 2007, an application to operate a payment system has to be made to the Reserve Bank of India. Only after the RBI grants permission, you can offer use of wallets on your website.
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