Visa halts intermediated commercial card payments in India following RBI order

Reuters/REUTERS

Visa on Wednesday said it received directions from the Indian central bank to halt all transactions for business payment solution providers (BPSPs)

Indranil Sarkar and Jaspreet Kalra, Reuters News

February 14, 2024

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Visa on Wednesday said it received directions from the Indian central bank to halt all transactions for business payment solution providers (BPSPs) in commercial and business payments in the country.

"Visa received a communication from the RBI on February 8, in what appears to be an industry-wide request for information on the role of business payment solution providers (BPSPs) in commercial and business payments," a Visa India spokesperson said.

(Reporting by Indranil Sarkar in Bengaluru and Jaspreet Kalra in Mumbai; Editing by Sonia Cheema)

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