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RBI directive on card payments

The Reserve Bank of India said all transactions involving domestic credit cards must follow rules requiring additional verification. While the central bank did not mention any name, the directive appears to be against the US-based Uber Technologies, which has implemented a simple app-based solution for card transactions without follwoing the two-step verification process for card transactions. Uber’s apps are largely used by taxi companies to make credit card transactions. These payments are directly processed using the customer’s stored credit card information in a simple process that bypasses any monetary exchange between drivers and users through an overseas payment system. RBI said credit card payment processing companies will have time till 31October to ensure the two-step verification process was being followed. It directed that payments must be routed through a domestic bank and settled in Indian rupees.

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