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.
This comes on the back of a recent instruction from the RBI asking these companies to halt usage of these payment instruments for business payments made to vendors, suppliers and other such entities. Following this directive, card networks have informed payment companies to stop these services to their clients.