RBI cracking down on P2P credit card transactions :

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 RBI cracking down on P2P credit card transactions : After barring Visa from undertaking certain commercial business-to-business (B2B) credit card transactions, the Reserve Bank of India is now seen cracking down on peer-to-peer (P2P) credit card payments made via third-party service providers, sources told businessline.  This comes after the central bank has found instances of retail customers using credit cards to pay rent and tuition fees through third party apps. These third-party players, usually fintechs, allow customers to make a credit card payment to their authorised merchant account. They then instantaneously transfer the money to the bank account of the recipient (for instance a landlord in case of rent payments) in exchange for a commission.“Credit card transactions are only meant to be between merchants and customers (P2M). If funds are being routed through an escrow account operated by a third party, it is bypassing the regulations and will not be allowed,” a senior official said. - Business Line.

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SBI, Bank of Baroda gets encouraging response for digital rupee

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