The Reserve Bank of India (RBI) has recently urged global payment giants, Visa and Mastercard, to halt their Business-to-Business (B2B) payment services through fintech platforms in India, according to reliable sources familiar with the matter. This move comes as the central bank aims to strengthen its regulatory oversight of digital transactions and maintain a level playing field within the country's rapidly evolving fintech ecosystem.
The RBI's request to Visa and Mastercard aligns with their ongoing efforts to closely monitor and regulate payment activities in the Indian market. By directly engaging with these international payment leaders, the central bank seeks to ensure that all transactions made through third-party platforms, such as fintech companies, comply with regulatory guidelines and go through approved channels.
