Paytm's New Banking Partnership with Axis,Visa & Mastercard Face RBI Halt in India

Paytm's New Banking Partnership with Axis,Visa & Mastercard Face RBI Halt in India
Paytm's New Banking Partnership with Axis

Hey FinTech Fanatic,

In a strategic move to navigate regulatory challenges, Paytm has partnered with Axis Bank Ltd., transitioning from its previous collaborator, Paytm Payments Bank, which faced regulatory scrutiny. This partnership aims to stabilize Paytm's merchant payments settlement business amidst tightening oversight from the Reserve Bank of India (RBI).

Concurrently, the RBI has directed Visa and Mastercard to halt card-based commercial payments for businesses over KYC compliance concerns, affecting the broader fintech sector, including companies facilitating payments for rent and tuition fees through cards.

Visa confirmed communication from the RBI, highlighting an industry-wide review of business payment solution providers (BPSPs) and their compliance with payment guidelines.

The move has prompted a pause in certain transactions, underscoring the regulator's focus on strengthening FinTech oversight. Despite these challenges, traditional banking transactions remain unaffected, showcasing the dynamic regulatory environment facing India's FinTech industry.

This collaboration between Paytm and Axis Bank, led by Paytm's founder Vijay Shekhar Sharma, reflects a pivotal effort to ensure the company's resilience in the face of regulatory pressures, marking a significant development in India's evolving FinTech landscape.

To be continued...

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