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The unintended consequence of RBI’s new card rules

The Reserve Bank of India's (RBI) new rules for card payments will lead to a major shift in the payments industry, and provide a major boost to the Unified Payments Interface (UPI) and Bharat Bill Payments System (BBPS). With banks and payment gateways/aggregators implementing new infrastructure to support online and recurring card payments over the coming months, the RBI has indirectly pushed consumers and merchants to use UPI or BBPS for use-cases currently supported by cards, industry experts told MediaNama. UPI has already overtaken the market share of debit cards for the consumption economy, with around Rs 83,076.25 crore in merchant payments of the Rs 5.04 lakh crore UPI transactions. This is higher than the Rs 56,838 crore worth of debit card transactions either online or at Point-of-Sale devices in the same month, as per RBI data. The new rules…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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