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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. ....
Ajay Adiseshan, founder of the company, said he is aiming to hit net profit in the current fiscal, as the company prepares to file its prospectus for a public offering in the next calendar year. ....
PhonePe has launched an ‘Income Tax Payment feature in India which enables taxpayers to pay self-assessment and advance tax using UPI or credit card payments, directly on the app. The payments company has joined forces with PayMate, a B2B payments provider, to create a secure and efficient method of tax payment. ....