New Delhi, Feb. 16 -- The Reserve Bank of India (RBI) has issued a press release on Thursday, announcing the suspension of card-based business-to-business (B2B) payments facilitated by payment intermediaries. This action comes in response to violations of the Payment and Settlement Systems Act, 2007.
Fintech start-ups such as EnKash and Paymate, among others, have received instructions from Visa, a leading card network, to discontinue offering business payment services through their commercial cards, reported ET.
Although the central bank did not disclose the name, it highlighted that only one card network currently provides this service.
Visa, a prominent player in the global card payment industry, confirmed this development. Visa en...