The Reserve Bank of India (RBI) has planned to issue an additional licence category for point of sale (POS) businesses in a bid to improve the offline payments ecosystem.
As per the information provided, a new category of licences is set to be included for financial services providers as the RBI focuses on enhancing the offline payments ecosystem. The regulator is projected to come out with guidelines for issuing licences to function in the POS businesses, with third-party POS operators being required to obtain licences to function in the space. Currently, the move is presumed to impact participants such as Pine Labs, MSwipe, Paytm, and BharatPe, among others. At the time of the announcement, RBI did not comment on the matter.
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