It seems RBI has choked PPI(Prepaid Payment Instruments) industries. PPIs are grasping for air and going out one by one. Fab money is closing.

[cardy]

Fab money is closing
Received message confirmation today

 

[cardy]

@RAMESH BABU N have you received this message?

 

[Tejo]

Why r u blaming rbi ?

 

[RAMESH BABU N]

@RAMESH BABU N have you received this message?

Only last week, I wrote to all 3 of our PPI cards to close them. Less than 10 rupees balance in each case.

 

[sunit123]

Why r u blaming rbi ?

who is bring regulations?

 

[cardy]

Why r u blaming rbi ?

No no bro I am not blaming
I am just telling the situation
There were tons of PPIs, Fintechs, like mashrooms here and there
Now sequrities has been tightened and regulatory requirements have been increased so PPIs and BNPLs are shutting down day by day
Even the neo banks hipe has been gone down the lane
You can see only a few is operational and rest is in hibernation or dead

 

[sunit123]

No no bro I am not blaming
I am just telling the situation
There were tons of PPIs, Fintechs, like mashrooms here and there
Now sequrities has been tightened and regulatory requirements have been increased so PPIs and BNPLs are shutting down day by day
Even the neo banks hipe has been gone down the lane
You can see only a few is operational and rest is in hibernation or dead

It is not a matter of proud....Overregulation is not good for customer....PPI is killed to create monopoly of max 2 players and support UPI...This is the reason why we lack china in innovation...Innovation is killed at infant stage....

 

[panchabhut]

PPI had specific use cases where mobile can not be used or for use by teenagers, elderly and domestic helps without risking the main acct. But it seems the people in power wants to kill it.

Got notification reg fabmoney today. The card was used by my teenage daughter whose school does not allow mobile phone. Now will have to search some other alternative.

 

[Aniket]

Fab money is closing
Received message confirmation today
View attachment 95954

Please use remaining balance before that as if they are not supposed to refund if it's going to remain unused. 🤣

Nigalne ka bichar hai kya...

Yes PPI pe restrictions toh laga hai that's why Slice had to discontinue thier previous service and got merged with SFB. Pehle sarein loophole use kar rahe the, ab RBI restrictive and regulatory policy la diya 😅

 

[Noob:)]

PPI had specific use cases where mobile can not be used or for use by teenagers, elderly and domestic helps without risking the main acct. But it seems the people in power wants to kill it.

Got notification reg fabmoney today. The card was used by my teenage daughter whose school does not allow mobile phone. Now will have to search some other alternative.

How? Canteen me prepaid card accept karte?

 

[panchabhut]

How? Canteen me prepaid card accept karte?

yes they have POS option

 

[sayantandas]

List of functional PPI's afaik:

1. Omni
2. Junio
3. GoSats
4. YPay
5. Anq
6. Tide
7. Zyro
8. NYE
9. Coupl
10. Orbit
11. NeoZap
12. Kamaie
13. SBI Transit Card
14. Airtel Payments Bank Transit Card
15. QuickWallet
16. SBI City1 NMRC Card
17. SBI Singara Chennai Card
18. HDFC One Pune Card

List of defunct PPI's:

1. Akudo
2. Fyp
3. Pencilton
4. Galgal (reopened again in partnership with Cosmos Bank and only available in AP, Telangana, Gujarat, MP, Maharashtra and TN)
5. Fab Money
6. Paytm Wallet & Transit

Hope this helps. Please correct me or add any other to these list if available or defunct.