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Caution: Rental and Tution Payment: Visa, MasterCard stop business Payments via cards post RBI instructions

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Predator

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Rental and Tuitions fees are affected, so beware before initiating any big transaction as it may be put on hold.

RBI is after this whole business payment ecosystem now and there are chances that such payments may no longer be allowed anymore.



A senior official, whose fintech is directly impacted by this decision, said, "There's some miscommunication or misrepresention to RBI, otherwise there’s no reason they would be doing this. This is coming from a point of view that there’s quite a bit of transactions happening in the ecosystem in the name of tuition fee, rental payments and the likes of it...which is becoming too large to manage. RBI's concerns might be the source of the money and where it is going."

Read full news here -
m.economictimes.com

Visa, Mastercard stop business payments via commercial cards post RBI instructions

Industry sources indicate that flow of money through commercial card route towards non-KYC-ed merchants is something that irked the regulator.
m.economictimes.com m.economictimes.com
 
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Predator said:
Rental and Tuitions fees are affected, so beware before initiating any big transaction as it may be put on hold.

RBI is after this whole business payment ecosystem now and there are chances that such payments may no longer be allowed anymore


Read full news here -
m.economictimes.com

Visa, Mastercard stop business payments via commercial cards post RBI instructions

Industry sources indicate that flow of money through commercial card route towards non-KYC-ed merchants is something that irked the regulator.
m.economictimes.com m.economictimes.com
Click to expand...
@Abhishek012 ka business pe laat maar dia.
 
Predator said:
Rental and Tuitions fees are affected, so beware before initiating any big transaction as it may be put on hold.

RBI is after this whole business payment ecosystem now and there are chances that such payments may no longer be allowed anymore.



A senior official, whose fintech is directly impacted by this decision, said, "There's some miscommunication or misrepresention to RBI, otherwise there’s no reason they would be doing this. This is coming from a point of view that there’s quite a bit of transactions happening in the ecosystem in the name of tuition fee, rental payments and the likes of it...which is becoming too large to manage. RBI's concerns might be the source of the money and where it is going."

Read full news here -
m.economictimes.com

Visa, Mastercard stop business payments via commercial cards post RBI instructions

Industry sources indicate that flow of money through commercial card route towards non-KYC-ed merchants is something that irked the regulator.
m.economictimes.com m.economictimes.com
Click to expand...
The money rotation party coming to and end
 
So basically, RBI wants user to use their UPI system more and more. But RBI cannot instruct the NCPI to put a proper customer care for BHIM app.
 
Businesses were doing 25k crore worth transactions per month.
It seems RBI wants to get those back to NEFT/UPI to avoid MDR leakage.

Personal money rotation is very very small percentage and most are valid transactions.
 
MangoRush said:
Businesses were doing 25k crore worth transactions per month.
It seems RBI wants to get those back to NEFT/UPI to avoid MDR leakage.

Personal money rotation is very very small percentage and most are valid transactions.
Click to expand...
Bulk transfers managed by the RBI like RTGS (Real Time Gross Settlements). Card payments are not commonly used in this space, until fintechs and card networks built the process through which business vendors could be paid by cards. Fintechs like Enkash, Paymate and others process payments made through commercial cards for business needs, like paying vendors, suppliers and others.

abhiver said:
So basically, RBI wants user to use their UPI system more and more. But RBI cannot instruct the NCPI to put a proper customer care for BHIM app.
Click to expand...
That is not NPCI's job, Use any other 3rd party apps.

Bank use BHIM app APIs, use any Bank official UPI apps.
 
Abhishek012 said:
Bulk transfers managed by the RBI like RTGS (Real Time Gross Settlements). Card payments are not commonly used in this space, until fintechs and card networks built the process through which business vendors could be paid by cards. Fintechs like Enkash, Paymate and others process payments made through commercial cards for business needs, like paying vendors, suppliers and others.


That is not NPCI's job, Use any other 3rd party apps.

Bank use BHIM app APIs, use any Bank official UPI apps.
Click to expand...
as long as NPCI is offering BHIM app to the public, its definitely their job to give customer support for BHIM.
if NPCI cannot create proper customer support for BHIM and give proper user experience, they should withdraw the BHIM app from play store and only provide API to other banks.
 
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Apurvsahilz said:
Reserve ban of india 😂
Click to expand...
copium-cat.gif
 
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