MC Tech3 | OneCard, one big problem; Govt gives itself veto powers in antitrust bill; and more

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In today’s newsletter:?

• OneCard, one big problem
• Govt gives itself veto powers in antitrust bill
• Should Devin worry software engineers?

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OneCard, one big problem

Forget Tinder, the real swiping left is happening in the world of co-branded credit cards!?

Red flag alert: On March 13, fintech OneCard found itself in hot water with the Reserve Bank of India (RBI) ?over co-branded credit card data access.

• Federal Bank and South Indian Bank have already hit pause on all co-branded credit cards. Others, like Bank of Baroda, are likely to follow suit.

Yes, but why?: Regulations state that only the issuing bank (traditionally, that's always been a physical bank) can access customer data.?

• In a co-branded card, the partner's role is simply marketing and customer acquisition. The bank handles everything else

The sticky situation: Here's where things get complicated. OneCard wasn't just helping partner banks acquire customers – they were also providing the credit card management software that calculates fees, charges, and rewards.?

• While banks using third-party software is normal, the software gave OneCard access to customer transaction data - a big no-no according to the RBI

Find out more

Picture credit: @GetOneCardIN/X

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