Tag: Digital Payments
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PhonePe Faces ₹21 Lakh Fine from RBI: Reasons Explained
Introduction In a significant development within the financial technology sector, PhonePe, a leading digital payment platform in India, has been slapped with a fine of ₹21 lakh by the Reserve Bank of India (RBI). This penalty raises questions about compliance in the rapidly evolving payment landscape. Background of PhonePe Founded in 2015, PhonePe operates as…
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PhonePe Faces ₹21 Lakh Fine from RBI: Understanding the Reasons
Introduction In a significant move, the Reserve Bank of India (RBI) has imposed a fine of ₹21 lakh on PhonePe Limited, one of India’s leading digital payment firms. This action raises important questions about compliance and regulatory practices within the fast-evolving financial technology sector. What Led to the Fine? The monetary penalty was primarily imposed…
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PhonePe Fined ₹21 Lakhs by RBI: Here’s Why
Introduction The Indian Reserve Bank (RBI) has recently imposed a hefty fine of ₹21 lakhs on PhonePe, a prominent digital payment platform. This decision has raised eyebrows in the fintech industry and among users. Understanding the reasons behind this penalty is crucial for those invested in digital financial services. What Led to the Fine? PhonePe…
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Understanding Risks for Users and New Rules From October 9
Introduction to Instant Money Transfers With the introduction of instant money transfers, sending and receiving money has become incredibly convenient. These transfers allow users to move funds in real-time, making them a preferred option over traditional methods like bank transfers or checks. As this payment method gains popularity, it’s crucial for users to understand both…
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Understanding the R$ 15,000 Limit for Pix Transfers
Introduction to the R$ 15,000 Pix Limit Recently, the Central Bank of Brazil announced a significant change regarding Pix transfers, implementing a new limit of R$ 15,000 for transactions made via this popular payment method. This decision comes in response to a series of cyber attacks that have raised concerns about the security of financial…
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Swedbank Lowers Swish Transfer Limits: What You Need to Know
In a significant move aimed at enhancing security measures, Swedbank has officially announced the reduction of the maximum transfer limits for its widely used payment application, Swish. This change is set to impact all customers who utilize Swish for their transactions, particularly those who frequently make high-value purchases. The decision comes in response to increasing…