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

[D₹V]

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

Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst


It appears that RBI is more serious with the way these business payments - via cards - are being done by various fintech firms.... more strict guidelines must be on the way.

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

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...

www.technofino.in

Repost; Merge.

 

[doraemon]

Balentine gift from rbi

 

[Aniket]

Aur jab India sahi decision leta hai toh phir problem hote hai. 🤣🤣

India: Agar ham karein toh karein kya bole toh bole kya?😂
RBI to every Banks, NBFCs and other concerned parties.

 

[doraemon]

India: Agar ham karein toh karein kya bole toh bole kya?😂

RBI to every Banks, NBFCs and other concerned parties.

Election Tak hi chalra hai ye sab
After election everything is gonna normal

 

[nagrao]

Election Tak hi chalra hai ye sab
After election everything is gonna normal

where can we petition EC to come to rescue and declare election dates?

 

[Abhishek012]

Election Tak hi chalra hai ye sab
After election everything is gonna normal

Mastercard ka ban jab hua tha ustime koi election nahi hua tha.

RBI bahot time deta hai. Paytm ko 2 years diya tha. Patience bahot hai RBI k pas but companies sunte nahi hai.

 

[rogerthat]

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 -

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

Only Visa and MasterCard? So RuPay is allowed?

 

[D₹V]

Only Visa and MasterCard? So RuPay is allowed?

Now SBI Cashback RuPay credit card need

 

[Abhishek012]

Only Visa and MasterCard? So RuPay is allowed?

RuPay Card have only 1 or 2 commercial cards and corporate cards.

RuPay is currently preparing to launch corporate cards and commercial cards on a large scale. It will take some time maybe 3 to 5 years.

Just few weeks ago, RuPay discussed with its shareholders and partner banks (SBI, BOB, HDFC, ICICI, HSBC, Axis bank) for commercial cards and updates were provided.

RuPay also provided details on corporate cards new product propositions.

There's still a long way to go, These are baby steps right now.

 

[minhazuddin]

It is explicitly mentioned that "Reserve Bank of India asked card networks like Visa and Mastercard to stop card-based commercial payments made by corporations and small enterprises". So, Rental and Tuition Payments by an individual is still not under the RBI's radar.

 

[Abhishek012]

It is explicitly mentioned that "Reserve Bank of India asked card networks like Visa and Mastercard to stop card-based commercial payments made by corporations and small enterprises". So, Rental and Tuition Payments by an individual is still not under the RBI's radar.

Tumhare moo se sunn kar acha nahi laga but yeh bol rahi thi toh acha lag raha tha.

 

[minhazuddin]

Tumhare moo se sunn kar acha nahi laga but yeh bol rahi thi toh acha lag raha tha.

I can understand the machismo in you.