wordpress blog stats
Connect with us

Hi, what are you looking for?

MasterCard awaiting RBI nod; will delete Indian cardholders’ data from global servers

MasterCard has told the Reserve Bank of India that it will start deleting the data of Indian cardholders from its global servers, reports PTI. It said that as of October 6,  all new transactions are being stored at its technology centre in Pune. It did not mention when the deletion of data will begin.

MasterCard has warned that the global data deletion could mean the weakening of safety and security over a period of time. MediaNama has reached out to MasterCard for a comment and will update when we hear from them.

The move comes after RBI’s new regulations which require payment companies to store information about transactions by Indian users on servers within the country. The RBI issued the regulation in April 2018, which came into effect on October 16, 2018.

Informing about the move, Porush Singh, India and Division President, South Asia, MasterCard told PTI: 

  • MasterCard is operating in over 200 countries, none of which have asked it to delete data from global servers
  • All the data, including card number and transaction details, would be deleted from everywhere else (except India)
  • The data will be stored in India only
  • MasterCard has submitted the timeline to RBI by which its can comply with the RBI’s regulations
  • The date of data deletion from global servers is not yet decided. MasterCard is awaiting a confirmation from RBI.
  • MasterCard has proposed a date on which it will start deleting the data on a regular basis.
  • Deletion of data is not a simple process. People can dispute the transaction. It also needs multiple players and stakeholders.

RBI’s regulation and compliance by payments companies

RBI in its April 6 circular said:

“All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This data should include the full end-to-end transaction details/information collected/carried/processed as part of the message/payment instruction.”

Advertisement. Scroll to continue reading.
  • RBI gave global payments companies six months to abide and submit their compliance report by October 15.
  • October 9, WhatsApp also confirmed its compliance with RBI regulations. It said it has built a system that stores the data of its pilot WhatsApp payments project locally.
  • On October 24, Alfred Kelly, CEO, Visa said that as of October 15, Visa is storing data locally.
  • October 30th, Amazon India said that it has started storing payments data locally without mirroring it in its overseas servers.

Read our coverage of card payments here.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ