Excited businessman Jignesh shah has said that “Atom Technologies will no longer issue prepaid cards to its users as the company has surrendered its payment system operator license to the RBI, citing business restructuring.

Where as, the company said that “It will continue to carry out its existing business such as trading aggregation and payment system services in various channels such as sales, E-commerce, internet, IVR and mobile.

In a statement issued today by Reserve Bank, said that “It has canceled Atom Technologies licensing certificate (COA) after the company voluntarily handed the license.”

The cancellation of the license will come into the effect yesterday.

In a statement to prepaid account holders on its website Atom Technologies said it delivered the COA to RBI due to the restructuring of its businesses.

The notice was issued pursuant to the procedure which was followed under RBI circular (RBI/ 2015- 16/ 396).

The RBI has stated that customers or traders who have a valid claim, if any, at Atom Technologies can approach the company for settling claims within two years from the date of cancellation until July 3, 2019.

Atom asked Prepayers (PPI) to redeem their balances and close the account by sending a request.

Atom operates as a Payment System Operator (PSO) under the RBI 2007 Payment and Settlement Systems Act.

The Mumbai based headquarters provides end-to-end payment services via online platforms, both online and offline.

Atom started in 2006 as a subsidiary of Financial Technologies Group, founded by Jignesh Shah.

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