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Macquarie Capital stated in a report that the Reserve Bank of India s (RBI) directive to prohibit card networks from facilitating non-bank intermediaries in issuing business cards could reduce card spending volume. However, it won t significantly impact profits in the card business. The RBI cited violations including payments to unregistered entities on card networks. ....
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. ....
"The milestone also underscores our commitment to providing seamless, innovative, and reliable payment solutions, further solidifying our position as a trusted partner for businesses looking to thrive in the digital economy," Yadvendra Tyagi, Co-founder of EnKash, said in a release. ....
Ascent Capital-backed Enkash founder Hemant Vishnoi said the company focuses on spends management of small and medium enterprises that have over Rs 10 crore annual turnover and expects the customer base to double in the current fiscal. ....