[ By Bobby Anthony ]The Reserve Bank of India has canceled the Certificate of Authorization (CoA) of Vodafone’s m-pesa payments service after its “voluntary surrender of authorization”.Consequently, the company henceforth cannot transact business of issuance and operation of pre-paid payment Instruments, the RBI stated.“The Reserve Bank of India, in exercise of the powers conferred on...
The Reserve Bank of India has canceled the Certificate of Authorization (CoA) of Vodafone’s m-pesa payments service after its “voluntary surrender of authorization”.
Consequently, the company henceforth cannot transact business of issuance and operation of pre-paid payment Instruments, the RBI stated.
“The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorization (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorization,” the RBI stated.
However, the RBI has also stated that m-pesa customers or merchants having a valid claim on the company as a Payment System Operator (PSO) can approach the company until September 30, 2022, for settlement of their claims within three years from the date of cancelation.