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This collaboration is aimed at enhancing Zaggle’s presence in the corporate payment solutions space, as Mastercard leverages its global network to introduce Zaggle’s offerings to a wider audience.
Nexo claims that the card, which is initially only available in a few European countries, allows users to spend without having to sell digital assets such as Bitcoin.
The RBI had barred Diners Club International from onboarding fresh customers on its card network through the issuance of a notice earlier this year on April 23.
The decision could lead to notable development in the ways average Americans earn and spend bitcoin and other cryptocurrencies. Mastercard operates one of the dominant global payments networks and Visa and has links with more than 20,000 financial institutions worldwide.
Razorpay’s TokenHQ will work across all major card networks such as Mastercard, Visa and RuPay. According to a statement released by the company, most of the businesses tied with Razorpay’s platform for customer transactions will support the new tokenisation service.
The ban of Mastercard Inc from issuing new cards has been criticized privately by senior US trade officials naming it a "draconian" move that caused "panic."
The banking regulator has taken supervisory action against Mastercard for its failure to comply with the directions issued by RBI on Storage of Payment System Data.
Nearly 90% of non-cash purchases are done using cards at physical establishments, and they are also essential for cash access, according to the trade group.
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