This essentially removes the card engagement layer.” "They may also move towards short term individual loans, where payment would be made to the merchants and in the rare case to the customer. This segment also carries the risk of regulation, however, it is still available for building up," Sameer said. “They may move towards the classic BNPL model funded by equity instead of credit lines from NBFC. Next course of actionĪccording to Sameer Singh Jani, founder and CEO of fintech consulting firm Digital Fifth, impacted fintech companies might have to acquire an NBFC licence as well as a credit card licence so they have regulatory support. But market is market and regulation will eventually come around to what market needs," Ashneer said in a Tweet. It’s a flex move by banks - rent seeking. "Not allowing loading of pre-paid instruments through credit is aimed at protecting bank’s lazy credit card business from Fintech’s potent BNPL business. BharatPe co-founder Ashneer Grover also took to social media expressing his views, terming RBI's latest circular as a "flex move by banks".
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