NEW DELHI: Global card payments giant Mastercard is storing its new Indian transaction data locally, the company said on Tuesday, as it starts to comply with a regulatory directive which US companies unsuccessfully lobbied hard to dilute.
RBI in April said companies such as Mastercard, Visa and American Express will from October need to store their payments data “only in India” so that the regulator could have “unfettered supervisory access”.
The directive sparked an aggressive lobbying effort from US firms who said the rules would increase their infrastructure costs, hit their global fraud detection platforms and affect planned investments in India where more and more people are using digital modes of payments. The companies had sought dilution of the RBI directive.
