Payment System Data News Today

Some 55 years ago, innovation trends in the banking sector and the use of money fueled general speculations about the future of money. In a comment on the raging speculations at the time, Jack Lefler in the July 24, 1968 edition of the Las Cruces Sun-News (Las Cruces, NM) noted…

Every month, the number of UPI transactions continue to surpass those of the previous month. According to the NPCI, for the month of May 2023, the total number of monthly UPI transactions reached a record 9.4 billion

For breaking its new

Per the RBI norms, financial services companies like Visa, Mastercard, American Express and Diners Club have been required to store Indian payment data locally since October 2018.

The RBI had imposed curbs on American Express Banking Corp for not following its new ruled on "Storage of Payment System Data" in May last year.

Reserve Bank of India (RBI) on Wednesday lifted restrictions on American Express Banking Corp

In a series of moves last year, India's central bank had indefinitely barred Mastercard and American Express from issuing new debit, credit or prepaid cards.

RBi had imposed curbs on American Express Banking Corp for being non-compliant with the directions on Storage of Payment System Data effective May 1, 2021.

The RBI imposed the curbs on AmEx in April 2021 saying the company had not met data storage rules requiring foreign card networks to store domestic payments data only in India so the regulator can have

In April 2018, all payment system providers were directed to ensure that their entire data relating to payment systems operated by them is stored in a system only in India