Indian Fintech Uni Suspends Card Services

India-based fintech Uni has temporarily suspended its card services in South Asia following the local central bank's guidelines on digital lending.

Uni planned to suspend card services on its products (Uni Pay 1/3rd Card and the Uni Pay 1/2 Card) and expected to roll out the change to the entire customer base by 22 August 2022.

The move follows SBM Bank India, which partners with several Indian fintechs to launch co-branded cards, informing Uni and a number of other startups earlier this month to halt onboarding new customers.

Uni's officials stated that due to the latest RBI guidelines on digital lending, they were proactively suspending their card services in phases by 22 August 2022. Bearing the fact in mind that the Uni Card is used for urgent needs like fee payments, medical bills, and emergencies, they have ensured that every one of their customers will have access to their credit line through Uni Cash.

(Source: The Paypers)