Fintech Brief — November 2, 2026
Fintech Brief — November 2, 2026 Today’s Top Stories RBI and FIU move against offshore crypto cards that slipped into Indian wallets Pre-paid crypto cards from international fintech providers such as RedotPay — which let Indian residents spend stablecoins held in offshore wallets on everyday domestic purchases, from online shopping and mobile recharges to flight bookings — have come under the scrutiny of the RBI and the Financial Intelligence Unit (FIU). To merchants the cards look like ordinary Indian bank debit cards on Visa and Mastercard rails, with wallet balances quietly converted into rupees at settlement — which means the transactions can bypass the visibility of Indian banks, the regulator and the tax department. The cards cost $40-50, are valid three years, and carry high daily limits. Over the past few days, several Indian users’ card access and provider websites have been blocked, with authorities reportedly examining violations of payment regulations and FEMA; the crackdown may have been triggered by alerts from Digital South Trust, a Bengaluru-based blockchain research organisation. Economic Times ...