With 10 days to go for the deadline, online transactions are expected to be hit as card networks, banks and businesses are far from ready. Will the RBI relent?
Next week when many companies across the world take a break for Christmas and New Year, the payments industry in India will be working overtime—like it has for several weeks now. Thousands of developers, product managers and engineers at the largest consumer internet firms in the country will be rewriting and testing thousands of lines of code. Founders across the ecosystem will be seeking divine intervention as the world counts down to 2022.
On 1 January 2022, a new payments regime for online card transactions will take effect; one that requires a complete overhaul of the payments value chain that …
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
Writer
advait@mailtmc.com
Mumbai
Ashwin writes on fintech and banking at The Morning Context. He joins us from The Economic Times, he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi