The crackdown on business credit cards presents an opportunity for stakeholders to innovate with their existing payment methods
FinTech BizNews Service
Mumbai, February 15, 2024: RBI has asked Visa and Mastercard to bar card-based commercial payments made by companies. This brings the importance of innovations like virtual accounts in B2B payments to the forefront. Rohit Taneja, Founder & CEO, Decentro, shares important insights on the subject.
"The crackdown on business credit cards presents an opportunity for stakeholders to innovate with their existing payment methods. Virtual accounts lead this innovation, promising compliance, flexibility, and security, redefining how transactions happen in the digital age. The global virtual accounts market is expected to reach USD 65.0 billion by 2030. Virtual accounts are rapidly gaining popularity in India, with our platform already reconciling INR 2 Cr+ per hour across our customer base. These numbers show that virtual accounts are the future of compliant and seamless transactions in the digital world. The fintech landscape in India offers various solutions for businesses of all sizes to choose from when conducting B2B transactions. Businesses must start using these solutions to their advantage."
