Recurring card payments are going to fail again

The RBI isn’t budging on its deadline for card tokenization, three weeks away now—and auto-debits on card tokens aren’t ready yet.

Siddharth Sridharan is the chief executive of Spendflo, a startup that helps companies buy and manage their software subscriptions. His work has been cut out for him by the Reserve Bank of India for the second time in the last 12 months. 

“Our clients have lost access to their cloud services, email and other enterprise software they are dependent on. These are not small payments, they run into lakhs and crores every month. While mid to large companies are able to use Singapore or US bank accounts to continue paying for their software services, smaller businesses using Indian cards are …

Author

Advait Palepu

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

Author

Ashwin Manikandan

Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where 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