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. The Indian central bank 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 companies 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 central bank directive, requesting they be allowed to store data both locally and at their offshore offices, a practice widely known as “data mirroring”. But their requests were declined. Mastercard has ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now