PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Localizing Credit Card Data: India Commands, is Anyone Listening?

By Brian Riley
October 15, 2018
in Analysts Coverage, Credit
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
personal data credit card india

personal data credit card india

When Mastercard and Visa both miss compliance dates, you can be certain there was a lack of clarity.  Bloomberg reports:.

  • Visa Inc. and Mastercard Inc. are among international payment companies set to miss a Monday deadline for certifying their compliance with data localization requirements set by India’s central bank, people familiar with the matter said.
  • The two credit card giants have requested an extension of the deadline and a relaxation of the rules, citing operational difficulties and security concerns, the people said, asking not to be named as the information is not public.

Some media are implying cards will not work after October 15, but that is unlikely.

  • The RBI will not relax the October 15 deadline for global financial technology (fintech) companies to comply with its data localisation norms in the public interest, according to sources. Among the affected companies are Facebook, Mastercard, Visa, American Express, PayPal, Amazon, Microsoft, says Reuters.
  • The financial tech companies in this mix have big credit card presence in this country. The central bank in April gave six months time to global payment companies to store transaction data of Indian customers within India. The RBI’s data localisation norms will kick in from Monday.
  • However, the US wants to prohibit data localisation to ensure free flow of information across borders.  “We want to have prohibitions on data localisation to ensure free flow of information, free flow of data across borders, disciplines around countries requiring companies to give up their source code, permanent ban on taxation or duties on digital transmissions,”Dennis Shea, Deputy US Trade Representative and US Ambassador to the WTO, told a Washington audience on Friday.

Data localization is a tough battle for card issuers to win.  It is expensive because of the data redundancy, staff and storage requirements.  China, the EU and Russia already require it so it is unlikely India will back off.  Sometimes, you can’t fight City Hall.

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Compliance and RegulationCredit CardIndiaMastercardPersonal DataVisa

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    commercial card, Allpay ClearBank Prepaid Payments, wealth transfer

    How Banks Can Capture the Wealth Transfer from Boomers to Gen Z

    June 20, 2025
    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result