RBI directive compels DreamX, Fampay, and others to cease UPI services

  • Reserve Bank of India (RBI) instructs PPI issuers to halt Unified Payments Interface (UPI) in co-branding arrangements.
  • Companies like Dreamx, Fampay, Akudo, Muvin, without PPI licenses, must discontinue UPI services.
  • RBI’s reasoning is unclear, but sources indicate dissatisfaction with recent partnerships.
Join 2 million subscribers

A curated newsletter that summarizes the important news at the intersection of Global tech, India Tech and AI.

Delivered 8 AM. Daily.
nextbigwhat We would like to show you notifications for the latest news and updates.
Allow Notifications