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Economic Times

Economic Times

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Visa, Mastercard stop business payments via cards post RBI instructions

The Reserve Bank of India (RBI) has instructed card networks like Visa and Mastercard to halt card-based vendor payments made by corporations. Fintech startups operating in this sector have received a notice to pause business payments made by commercial cards until further notice. The exact reason for this regulatory action remains unknown, with speculation focusing on payment aggregator guidelines and potential issues regarding KYC compliance for vendors and merchants.

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