Digital businesses are helplessly losing their Indian customers. And nobody knows how many will eventually return and after how long. From smartphone apps to websites, anyone with a regular, card-based payment arrangement with subscribers has run into a roadblock put up by the central bank. For large enterprises, it’s a hassle — but for small, bootstrapped ventures, an assault on their very survival.
Alphabet Inc. is warning users of Google Cloud services that their “bank might begin declining automatic card charges” because of the Reserve Bank of India’s new rules. Customers are being encouraged to pay manually to avoid interruptions in hosting their data. Amazon.com Inc. has temporarily discontinued new member sign-ups for free trials of its Prime service in India.
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October 22, 2021 at 05:00AM
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India's Central Bank Puts Up a Puzzling Obstacle to a Payments System, Again - Bloomberg
"payment" - Google News
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