Central Bank ask Visa to halt commercial card payments in India
Upstox
1 min read • Updated: February 14, 2024, 6:20 PM
Summary
RBI bars Visa from accepting card-based commercial payments made by companies. After Paytm, this is the second big blow to fintech companies.
Reserve Bank of India has asked payment card service providers like Visa to halt all card-based commercial payments made by companies.
As per the company statement, Visa received a communication from the RBI on 8 February, in what appears to be an industry-wide request for information on the role of business payment solution providers (BPSPs) in commercial and business payments.
After Paytm, this is the second big blow to fintech companies. Paytm has faced similar challenges as the RBI barred Paytm Payments Bank (PPBL) from accepting fresh deposits and continuing banking services after 29 February due to non-compliance.
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