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  • DAILY CURRENT AFFAIRS:RBI lifts restrictions on US-based payment gateway MasterCard

RBI lifts restrictions on US-based payment gateway MasterCard

Tags: Economy/Finance

The Reserve Bank of India (RBI) lifted the restrictions imposed on the US-based payment gateway MasterCard on June 16, 2022. The central bank had announced a ban on Mastercard in 2021 for failing to comply with local data storage norms.

  • Under RBI Mastercard restrictions, the US-based payment gateway was barred from adding new customers unless it complies with the storage of payment system data norms.

RBI Mastercard Restrictions:

  • In July 2021, the Reserve Bank of India had indefinitely barred MasterCard from issuing any new credit or debit cards to domestic customers for violation of data storage rules. The move was a big deal for the US-based company, which earlier had around 33 per cent market share in India.

  • According to the Reserve Bank of India, MasterCard did not comply with regulations that required foreign card networks to store data on Indian payments exclusively in India.

Earlier also RBI imposed restrictions on Mastercard:

  • The Reserve Bank of India's action against Mastercard was not the first time such restrictions were imposed.

  • In April 2022, the central bank imposed similar sanctions on global card networking giant American Express Banking Corp and Diners Club International Ltd. 

Payment Gateway:

  • Payment Gateway is an online service through which payment is made by the customer to the online store or to a particular person in any E-commerce business by credit card / debit card / UPI in which the money sent by the customer directly reaches the account of the store owner.

India's top five payment gateways in the year 2021:-

  • Razorpay

  • Instamojo

  • PayPal

  • CCAvenue

  • Cashfree

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