Well, it s quite broad. Ill be short and precise here.

First and foremost, you need to have an RBI licence (PPI) to operate as a semi c
losed wallet (Paytm, mobikwik etc are all semi closed wallets.). You need to com
ply with the payment and settlements act of the RBI to obtain this licence. RBI
will ask for your comapany s financials and other related documents and will do a
thorough scrutiny. The final approval to grant you an in principal approval to ope
rate as a digital wallet will rest with the RBI board. Once you get this in prin
cipal approval you ll need to comply with CISA - DISA standards. You can start dev
eloping your wallet once you get an in principal approval from RBI.
Creating a digital wallet app from a scratch is complex. You are handling digita
l payments here. It s not just the RBI that will be in picture when you handle pay
ments. You also need to comply with VISA/MASTER/RUPAY etc if your allowing loadi
ng of amount into your digital wallet through these card networks.