RBI direction to Visa and MasterCard to stop payments

[ankitfintech]

Does anybody know what these news means? How does it affect us?

"The Reserve Bank of India has reportedly asked card payment gateways like Mastercard and Visa to halt card-based commercial payments made by companies and small entities. Following this, the card networks have discontinued their services to all non-KYC-ed merchants and business outlets who might not be authorised to accept card payments until further notice, a report in the Economic Times said."

RBI asks Visa, Mastercard to stop business payments via commercial cards: Report

Industry sources said that the central bank is concerned about the flow of money through the card route toward non-KYC-ed merchants.

www.businesstoday.in

 

[s1t2y3a3m6]

This notice is for commercial credit cards which are issued for commercial spends. Cards we own are personal and business cards are not affect by this. So no worries

 

[Deleted member 9785]

MOBIWIK centure code now works at 15k for 100 rs

 

[RkrRkr is verified member.]

This notice is for commercial credit cards which are issued for commercial spends. Cards we own are personal and business cards are not affect by this. So no worries

It might also impact payment through Business Payment Solution Providers (BPSP) platform via personal Visa/MC .