[adisan]

RBI bars Paytm Payments Bank from onboarding new customers
Source : TOI

Is data sharing the reason for RBI action? (Economic Times report)

[adisan]

I had booked two tickets on IRCTC and paid via PayTM UPI. The tickets had to be cancelled, and IRCTC shows both refunds as complete. But only one has been credited to me account.

Reaching PayTM care has been difficult, and anyway they just update saying that merchant has to be contacted for refund issues. Despite providing the transaction reference numbers shared by IRCTC.

Any pointers on how to get help regarding this?

[adisan]

Credit Cards can now be linked with UPI, starting with RuPay

Source: MoneyControl

Excerpts:

t is still not clear how the Merchant Discount Rate (MDR) will be applied for UPI transactions done using credit cards. For each transaction, the merchant pays a certain percentage of the transaction amount which is then divided among the banks and payment service providers.

Credit cards on the other hand attract the highest MDR between two and three percent. Clarity will be needed on whether MDR will have to be let go for transactions done using credit cards linked to UPI.

[mayuresh]

Originally Posted by adisan

Credit Cards can now be linked with UPI, starting with RuPay

Source: MoneyControl

They have already said that it's for Rupay Credit Cards only, for which MDR is already very small. They have said it will be later on enabled for other types of cards. Seems they have put the onus on other players to sort out MDR. Most probably other players will just stay off it. It has not been mandated to them. Good to see the competition intensifying!

[AZT]

I usually pay utility bills through Amazon Pay but this time the transaction wasn’t going through so tried via Paytm. They’ve started a an additional charge for payments via credit card. Didn’t remember seeing this earlier. Same for PhonePe, they too had a convenience fee when paying electricity bill. Seems AmazonPay and CredPay (newly launched) are the only ones where you can pay without any extra credit card charge.

[Akshay6988]

Anyone here having Axis account and using with PhonePe app ? I've faced transaction failures multiple times when I do phonepe payment. Error message I get is "Your bank has blocked or frozen your account. Please contact your bank for details." But when I process the same transaction via card/other UPI app, it completes successfully. Is this issue with PhonePe Axis bank ? Anyone else faced this issue? I'm finding Google Pay more reliable these days.

[da3mn]

India and Singapore have linked their digital payment systems, UPI and PayNow, to enable fast and low-cost fund transfers. Currently eight banks from both countries, including DBS, Liquid Group, Axis Bank, and State Bank of India, participating in the collaboration.

Citizens in either country can use their respective local payment systems to transfer money to recipients in real-time. At present, the Reserve Bank of India has set a limit of 1000 Singapore dollars per day for remittances from India to Singapore.

reference

[DigitalOne]

This is big!

RBI imposes major business restrictions on Paytm Payments Bank

The Reserve Bank of India (RBI) on January 31 imposed major business restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions after February 29.

No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime, RBI said.

Further, no other banking services, other than those referred in (ii) above, like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc.), BBPOU and UPI facility should be provided by the bank after February 29, 2024.

Source