RBI orders Visa, Mastercard to halt commercial payments by BPSPs due to KYC compliance concerns.
The Reserve Bank of India (RBI) has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance. This decision affects fintech players facilitating such transactions, including Enkash, Karbon, and Paymate. The RBI's directive applies to Business Payment Solution Providers (BPSPs), which facilitate business-to-business card payments made to non-card-accepting vendors or suppliers.
February 14, 2024
19 Articles