Uni Cards, a prepaid payment platform, on Friday announced the suspension of their services of its two products following RBI’s direction. In June, the central bank prohibited non-back prepaid payment instruments (PPIs) issuers from providing credit lines on PPI cards. Thereby, Uni Cards has decided to halt onboardings.
In a statement, Uni Cards stated that the company has decided to proactively suspend card services for its products – the Uni Pay 1/3rd Card and the Uni Pay 1/2 Card. The suspension will begin in a phased manner for customers and to be concluded on August 22.
Notably, Uni Pay 1/3rd Card is the company’s subsidiary product. Also, it allows customers to pay their monthly spending in three instalments over three months for no extra charges.
Under the Uni Pay 1/2 card, a user gets the option to pay in two parts every month.
However, Uni Cards has extended the zero-charge partial limit on Uni Cash till 21st September 2022 for its customers.
Nitin Gupta, founder & CEO, of Uni Cards said, “due to the latest RBI guidelines on digital lending, we are proactively suspending our card services in phases by Monday. Bearing the fact in mind that the Uni Cards is used for urgent needs like fee payments, medical bills, and emergencies, we have ensured that every one of our customers will have access to their credit line through Uni Cash,” as reported by PTI.
Gupta added, that with a free partial limit enabled, the customers will not face any disruptions while using their funds.
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