Fintech companies halted credit card payments spurred by regulatory concerns and increased bank charges.

The Reserve Bank of India has raised concerns about credit cards being used for unintended purposes.

Scrutiny led major fintech players like PhonePe, Paytm, Mobikwik, Amazon Pay to stop accepting rent payments through credit cards since March.

These actions were primarily driven by the exponential rise in rent payments using credit cards

This move has caused significant ripples throughout the financial ecosystem, affecting both consumers and businesses.