Visa, Mastercard Asked To Stop Business Payments Via Fintech Platforms: Report
NDTV
The RBI has not specified why they have placed these restrictions, the sources said, adding that the impact would only be on commercial payments routed through third parties and not on all corporate card payments.
India's central bank has asked Visa and Mastercard to stop card-based business-to-business payments such as rents or money transfer to vendors routed through third party fintech firms, according to two sources familiar with the matter.
The central bank has not specified why they have placed these restrictions, the sources said, adding that the impact would only be on commercial payments routed through third parties and not on all corporate card payments.
A set of fintech firms in India operate in a category called "business payment solution providers" (BPSPs), which facilitate payments to merchants that do not otherwise accept card payments in return for a fee.
