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The Brazilian financial technology company is banking on demand for payment digitisation in the business-to-business space in China and increased adoption of digital payments in India.
Besides the card schemes, even banks which offer commercial credit cards have been asked to halt these payments as well. "I am told that there could be a meeting with the regulator next week and we are hopeful some clarity will emerge," said a senior industry executive in the know. So what could be the potential issue here? ET explains.
The Reserve Bank of India (RBI) has directed a card network, not specified by name, to cease utilizing an unauthorized method for business-to-business card payments. This action comes as certain commercial payments were found to be routed through third-party intermediaries, contravening the RBI's payment and customer identification regulations.
After 2022’s economic downturn and the rise of a fresh crop of activist investors, 2023 has been a tough year for most industries and companies.
New service will allow vendors to raise bills on their buyers through the bill payment platform and payments can be made in one go or multiple tranches through cash or digital means