MUMBAI: Regulatory concerns over PhonePe and Google Pay‘s duopoly in UPI has renewed discussions about the introduction of fees on merchant transactions.To be sure, govt has been unequivocal in stating that there is no proposal to introduce fees on UPI transactions. Last year, after an RBI discussion paper proposed a tiered structure charge on UPI … Read more
NEW DELHI/MUMBAI: The finance ministry and RBI will look at the change of ownership holding or control of listed fintech companies to enable them to be in-sync with regulatory compliance.This was among several key action points that emerged at end of the meeting of fintech and startup companies with FM Nirmala Sitharaman on Monday. During … Read more
MUMBAI: A day after RBI asked payment networks Visa and Mastercard to stop facilitating business credit card issuances by fintech aggregators, the central bank on Thursday said there were various violations like payments being made to unofficial merchants. RBI said that a card network had an arrangement that enabled businesses to make card payments through … Read more
Home News No More Commercial Payments Via Mastercard and Visa, Directs RBI The Reserve Bank of India (RBI) has directed Mastercard and Visa to stop making card-based commercial payments for small and large businesses due to concerns over KYC compliance. Reserve Bank Of India Mumbai: The Reserve Bank Of India (RBI) has directed the Mastercard … Read more