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RBI clamps down on credit cards for commercial use
Hindustan Times
|February 15, 2024
The Reserve Bank of India (RBI) has halted businesses from paying each other via credit cards, by ordering card networks Visa and Mastercard to stop all such payments.
Businesses typically pay their vendors by bank transfers or commercial credit cards, sometimes mediated by fintechs. The latter are called business payment service provider (BPSP) transactions, now suspended by RBI.
While the exact reason for the abrupt move is not known, Arpit Ratan, co-founder and chief business officer of Signzy, a digital banking infrastructure provider, said that RBI's concern seems to come from the fact that certain recipients of card transactions may not be registered merchants, something that is not allowed by the KYC regime. KYC stands for know your customer.
This story is from the February 15, 2024 edition of Hindustan Times.
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