RBI Red Flags Violations In Card Based B2B Payments menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
While the RBI has not officially announced the reasons for the directive, fintech companies active in the segment said such transactions are being done at outlets which are not authorised to accept such payments.
On February 14, ET wrote that fintech startups like EnKash, Paymate and others have been instructed by card network Visa to stop offering business payment services through their commercial cards. The central bank mentioned that only one card network offers this service currently, without naming them.
On Wednesday it was reported that RBI had directed global payment giants Visa and Mastercard to suspend card-based commercial transactions by both small and large businesses due to mounting apprehensions over Know Your Customer (KYC) compliance.