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RBI restrains unauthorised payment system by Visa card network

According to the RBI, the payment intermediary was accepting card payments from corporates for their commercial payments, and then remitting the funds via IMPS/RTGS/NEFT to non-card accepting recipients

Settlement systemsMaster directionReserve bankReserve bank of indiaNauthorised payment systemCard paymentsCorporate credit cardArd to account transfer

RBI directs Visa to halt business payment solution provider for corporate payments

According to the RBI, the payment intermediary was accepting card payments from corporates for their commercial payments, and then remitting the funds via IMPS/RTGS/NEFT to non-card accepting recipients

Reserve bankSettlement systemsPayment aggregatorMaster directionKnow your customerReserve bank of indiaNauthorised payment systemCard paymentsCorporate credit cardArd to account transfer

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