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

[Predator]

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

 

[D₹V]

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


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

@Abhishek012 ka business pe laat maar dia.

 

[Predator]

@Abhishek012 ka business pe laat maar dia.

Almost sabi Fintechs par...

 

[Abhishek012]

@Abhishek012 ka business pe laat maar dia.

yehi sab karwa k toh devalue karta tha. 😒😒

 

[Deleted member 9785]

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

The money rotation party coming to and end

 

[MangoRush]

An instruction has come to the fintechs which operate in this sector to pause business payments made by commercial cards until further notice

Its for businesses not for consumers.

 

[abhiver]

So basically, RBI wants user to use their UPI system more and more. But RBI cannot instruct the NCPI to put a proper customer care for BHIM app.

 

[Deleted member 9785]

An instruction has come to the fintechs which operate in this sector to pause business payments made by commercial cards until further notice

Its for businesses not for consumers.

many consumers are doing the business of rotation. Personal cards are next in line

 

[MangoRush]

many consumers are doing the business of rotation. Personal cards are next in line

Anyone can speculate anything. Let's discuss what's confirmed.

 

[MangoRush]

Businesses were doing 25k crore worth transactions per month.
It seems RBI wants to get those back to NEFT/UPI to avoid MDR leakage.

Personal money rotation is very very small percentage and most are valid transactions.

 

[panchabhut]

RBI wants high value business txn to switch to NEFT/RTGS

 

[Abhishek012]

Businesses were doing 25k crore worth transactions per month.
It seems RBI wants to get those back to NEFT/UPI to avoid MDR leakage.

Personal money rotation is very very small percentage and most are valid transactions.

Bulk transfers managed by the RBI like RTGS (Real Time Gross Settlements). Card payments are not commonly used in this space, until fintechs and card networks built the process through which business vendors could be paid by cards. Fintechs like Enkash, Paymate and others process payments made through commercial cards for business needs, like paying vendors, suppliers and others.

So basically, RBI wants user to use their UPI system more and more. But RBI cannot instruct the NCPI to put a proper customer care for BHIM app.

That is not NPCI's job, Use any other 3rd party apps.

Bank use BHIM app APIs, use any Bank official UPI apps.

 

[panchabhut]

Bulk transfers managed by the RBI like RTGS (Real Time Gross Settlements). Card payments are not commonly used in this space, until fintechs and card networks built the process through which business vendors could be paid by cards. Fintechs like Enkash, Paymate and others process payments made through commercial cards for business needs, like paying vendors, suppliers and others.


That is not NPCI's job, Use any other 3rd party apps.

Bank use BHIM app APIs, use any Bank official UPI apps.

as long as NPCI is offering BHIM app to the public, its definitely their job to give customer support for BHIM.
if NPCI cannot create proper customer support for BHIM and give proper user experience, they should withdraw the BHIM app from play store and only provide API to other banks.

 

[RAMESH BABU N]

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.

 

[Apurvsahilz]

Ruining banks in India (RBI)

 

[Apurvsahilz]

India ko rename Ban-dia kr do Roz koi na koi ban

 

[Abhishek012]

Ruining banks in India (RBI)

Jab US apne laws and regulation restricted karte hai, ban lagate hai illegal chizo pe toh tareefe hoti hai ki India kuch nahi karta, India me guts nahi hai karne ki.

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

 

[Apurvsahilz]

Reserve ban of india 😂

 

[Strange]

Reserve ban of india 😂

 

[ARV]

Looks like RBI fixed AXIS Bank issues