BNPL is essentially a short-term loan product, wherein the lender pays the merchant or service provider at the point-of-sale and the customer can repay the loan at a future date with some charges. Photo: Bloomberg
The Reserve Bank of India’s (RBI’s) notification disallowing non-bank prepaid payment instruments (PPIs) from loading their instruments through credit lines has sent industry players into a tizzy.
Most of them are trying to figure out the implications of the notification on their businesses.
They are engaged in a discussion on the contents of the notification and are looking to approach the regulator for further clarification.
An industry body of PPIs has met the regulator to get clarity on the issue and other industry associations are trying to galvanise support and present their views to RBI on this matter.
First Published: Jun 21 2022 | 10:13 PM IST