File photo of a logo of Amazon Pay in Mumbai. | Photo Credit: Reuters The Reserve Bank of India on Friday said it has imposed a penalty of over ₹3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. “It […]
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Cashless transactions: A customer paying through UPI to avoid cash transactions at a medical store in Visakhapatnam | Photo Credit: K.R. Deepak On Tuesday, the cross-border connectivity between India’s Unified Payments Interface (UPI) and Singapore’s PayNow was launched. UPI is a popular mobile payment service which allows instant credit transfer from one bank account to […]
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In a move that could affect several fintech players, the Reserve bank of India Tuesday asked non-bank prepaid instruments (PPIs) issuers to not load these with a credit line, a preset borrowing limit. The signal from India’s central bank seems to be that it wants to put a full stop to buy-now-pay-later (BNPL) wallets which typically tie-up […]
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