InfoSecBulletin Cybersecurity for mankind
The Reserve Bank of India fined Visa 24.1 million rupees (nearly $288,000) for using an unauthorized payment transfer system. The central bank made this announcement on Friday (July 26).
“It was discovered that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from the RBI,” the central bank said in a statement, without providing any specifics on the violation.
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By infosecbulletin
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The statement further read, “We duly acknowledge the RBI order and remain committed to following RBI guidelines and regulations to continue providing safe and secure payment solutions in India.”
According to Reuters, the RBI ordered the credit card business in February to stop using an unauthorized method for specific commercial payments.
In February, Visa and Mastercard were reported to have paused intermediate commercial card payments in India following an RBI directive. The central bank instructed the companies to halt domestic transactions for business payment solution providers (BPSPs).
“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 told Reuters at the time.
PayU, a digital financial services provider, got approval from the RBI to operate as a payments aggregator. This means PayU can now onboard new merchants. PayU Payments offers digital payment solutions designed for the Indian market, catering to eCommerce brands, banks, and consumers.
