RBI mandates full KYC for payment aggregators; halts rent payments via credit cards

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Payment aggregators could be staring at a major increase in their operating expenses as the Reserve Bank of India (RBI) has made a full know-your-client (KYC) mandatory for their clients. Additionally, one of their highly remunerative businesses around rent payments has come to a stop under this fresh directive.

People in the know told ET that most of the large fintech applications like Paytm, Cred, PhonePe, and others have halted their rent payment offerings via credit cards.

“For such transactions, the RBI wants payments to be routed through…



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RBI mandates full KYC for payment aggregators; halts rent payments via credit cards



Payment aggregators could be staring at a major increase in their operating expenses as the Reserve Bank of India (RBI) has made a full know-your-client (KYC) mandatory for their clients. Additionally, one of their highly remunerative businesses around rent payments has come to a stop under this fresh directive.

People in the know told ET that most of the large fintech applications like Paytm, Cred, PhonePe, and others have halted their rent payment offerings via credit cards.

“For such transactions, the RBI wants payments to be routed through…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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