paytm: ETtech Explainer: RBI halts Simpl payment operations: What it means to BNPL players

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Bengaluru-based fintech Simpl shut its payment operations on Thursday after the Reserve Bank of India (RBI) issued a letter, citing a violation under the Payment and Settlement Systems (PSS) Act, 2007.

“The entity is directed to immediately stop the business of payment systems carried out by involving functions of payment, clearing, and settlement,” according to a letter dated September 25, as reported by ET, which first reported the development.

This action against Simpl reflects a broader regulatory crackdown on the buy-now-pay-later (BNPL)…



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paytm: ETtech Explainer: RBI halts Simpl payment operations: What it means to BNPL players



Bengaluru-based fintech Simpl shut its payment operations on Thursday after the Reserve Bank of India (RBI) issued a letter, citing a violation under the Payment and Settlement Systems (PSS) Act, 2007.

“The entity is directed to immediately stop the business of payment systems carried out by involving functions of payment, clearing, and settlement,” according to a letter dated September 25, as reported by ET, which first reported the development.

This action against Simpl reflects a broader regulatory crackdown on the buy-now-pay-later (BNPL)…



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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