New business of money rotation. Shark Tank funding is next. :)

[hellobois]

Now credit card rotation is getting into a buisness for some. People are openly taking the benefits of this. Don't know why there is no complaint for such activities. I say 20-25 such hoarding in my neighborhood.
I hope one day they appear on shark tank as well.

 

[Tejo]

Ok, this is illegal, but apps which works on the permission of RBI is legal??? If those apps are legal, these are also legal... You still think money rotation is illegal? 😆😄 😆😄

Banks are already banned utility mcc even blocked cards.

RBI cant ban/restrict this ..... till now anywhere no country has banned wallet reloads or vendor payouts.

Any few do ... for rp. But several in this rotaters will default in long run.

Finally bank earns also these agencies pay's 18% gst on the fee they charge.

 

[Vasuki]

The India's No.1 Bank. ... allows wallet reloading with charges 2.5% + gst.

In terms and conditions, the above information clearly mentioned.

This Sarkari private bank promotes wallet reloading via their payzapp.

But blocks the card if we reload through paytm.

No payzapp was harmed in this..
But Millniea+ payzapp is 1.8% effective

 

[R@J]

Tumhara area slow Hai kya..
I tried in 2013-2014 when I had my first card & you can see 100 such posters at every lane in metro 😆
Used once twice last year too

Yeah...I too saw lots of these in Nehru Place (Delhi) when the concept of credit cards was not that much widespread (in 2012-13). I dont remember the commission that they charged though 😛