Non-banks can't load credit lines on prepaid payment instruments, says RBI

General 🗣
#41

Yeah me too.
They are the best of BNPL:
mode of payment: card as well as Scan and Pay unlike card only from other BNPLs
Billing Cycle: 1 month instead of 15 days
Rewards: 1-5% cashback
Not restricting users from adding money in Paytm wallet or anything of the sort unlike Slice.
Once I tried to pay for my Brother’s PAN card fee using Slice and it failed citing merchant category not allowed and I used Lazypay card and it swiftly passed through.
So Lazypay is the king ,the best of the BNPL , so I too would certainly miss it if it has to go.

4 Likes
#42

I just got my Edge approved last week. Tried using it today declined and showed RBI notification.

2 Likes
#43

Ikr. Feels like Kattapa stabbing Bahubali in the back.

2 Likes
#44

First they came for BNPL…Next they will come for the Neobanks :pleading_face: :pleading_face:

I hope Jupiter Edge will be back functioning soon… :space_thumb:

#45

RBI:

1 Like
#46

Currently this guidelines are uncler even this fintech company’s are quiet confused…but as we Currently understand the regulator said that PPI could not load via creditline exception for those who has Regulated with direct with RBI in that case a ppi and lender both regulate with rbi. And non bank lender not perform i that actinon (non bank menas NBFC)
LAZYPAY HAS CURRENTLY WORKING FINE AFTER some terms chages…but the works not completed yet they required some more changes…
Open for any correction or upgarde my knowledge…
Welcome

1 Like
#47

Before their partner was Yes bank which was good they should not change the partner.

https://media.tenor.com/images/d016897e7bc1991ca9d89aabcc484409/tenor.gif(image larger than 4 MB)

#48

Whose? Jupiter Edge??

I never used bullet (old app)

1 Like
#49

Bullett money

1 Like
#50

What just happened to Lazypay…

#51

Ka hua?

#52

Got notification and after opening app login process starts again and throws error. Can’t receive any otp.

#53

Screenshot_20220630-141605__01
Screenshot_20220630-141605__011080×396 45.4 KB

Screenshot_20220630-141643__01
Screenshot_20220630-141643__011080×183 33.2 KB

1 Like
#54

Holy crap. Does that mean we no longer have to pay whatever dues we had before? :sweat_smile:

I can’t login too.

#55

I was able to login 3-4 mins back.
Sometimes app does that…

#56

Received the same notification :arrow_down_small:

IMG_20220630_181219
IMG_20220630_181219968×383 50 KB

But on clicking it nothing happened.
I can still login in the app though,
IMG_20220630_181400
IMG_20220630_1814001080×2400 202 KB

Will trying doing a transaction to see if I can still continue.
Btw was trying to book a train ticket on Amazon using Slice Card but the transaction failed( 1st ever on Amazon through Slice Card).
I think they are blocking transactions in accordance with RBI guidelines just as Jupiter did.

#57

Although this🔽

Details that Slice and many others haven’t still stopped loading credit line into PPI instruments.

IMG_20220630_182600
IMG_20220630_1826001080×367 66.9 KB

1 Like
#58

@Jiten @Shawnpinto Majority of the BNPLs are still running the Bussiness, awaiting a clarification on the same then can’t you please enable Jupiter for now?

IMG_20220630_182600
IMG_20220630_1826001080×367 66.9 KB

1 Like
#59

We don’t have risk appetite to be non compliant with RBI directives.

6 Likes
#60

As explained in this report :arrow_down_small:

there are 10 million credit linked prepaid cards amounting to a whopping ₹ 3500 crore transactions in just may 2022.
This RBI step isn’t at all inclusive although RBI and GOI keep ranting about it because not every bank can afford giving credit card to every customer and thus for customers in non working class like us students, these BNPLs are a boon.

1 Like