Brief by Shorts91 Newsdesk / 07:45am on 14 Feb 2024,Wednesday India
Visa and Mastercard have halted commercial card transactions following the Reserve Bank of India's directive to cease such payments by companies and small entities. Transactions at non-KYC-ed merchants are temporarily suspended, per an Economic Times report. The move aims to curb money flow to unverified merchants unauthorized to accept card payments. While the exact reason for the directive remains undisclosed, fintech startups operating in the sector have received notices to pause business payments until further notice. Paymate CEO Ajay Adiseshann confirms compliance with guidelines, ensuring minimal disruption to business payments through alternate arrangements.
