19 August 2022
Uni Cards, a prepaid payment platform, on Friday announced the suspension of their services of its two products following RBI's direction. In June, the central bank prohibited non-back prepaid payment instruments (PPIs) issuers from providing credit lines on PPI cards. Thereby, Uni Cards has decided to halt onboardings.
In a statement, Uni Cards stated that the company has decided to proactively suspend card services for its products - the Uni Pay 1/3rd Card and the Uni Pay 1/2 Card. The suspension will begin in a phased manner for customers and to be concluded on August 22.
Notably, Uni Pay 1/3rd Card is the company's subsidiary product. Also, it allows customers to pay their monthly spending in three instalments over three months for no extra charges. Under the Uni Pay 1/2 card, a user gets the option to pay in two parts every month.
Uni Cards, a prepaid payment platform, on Friday announced the suspension of their services of its two products following RBI's direction. In June, the central bank prohibited non-back prepaid payment instruments (PPIs) issuers from providing credit lines on PPI cards. Thereby, Uni Cards has decided to halt onboardings.
In a statement, Uni Cards stated that the company has decided to proactively suspend card services for its products - the Uni Pay 1/3rd Card and the Uni Pay 1/2 Card. The suspension will begin in a phased manner for customers and to be concluded on August 22.
Notably, Uni Pay 1/3rd Card is the company's subsidiary product. Also, it allows customers to pay their monthly spending in three instalments over three months for no extra charges. Under the Uni Pay 1/2 card, a user gets the option to pay in two parts every month.
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