Festive season shopping to be affected for Visa, Mastercard cardholders (Twitter)
As per the latest directive by Reserve bank of India (RBI), the deadline to comply with storing of data relating to payment systems within India to expire on October 15. More than 15 payment firms including Visa and Mastercard will also fall in line if these norms are not followed. But, these directives are still not followed and if RBI do not make any changes in these rules then buyers may face difficulties during this festive season.
RuPay Card – A recent launched initiative by the Indian government, RuPay credit or debit card will not be affected at all after October 15. However, only Mastercard and Visa card holders will be affected after the expiry of the deadline.
Several global payments firms including Mastercard, Visa and American Express raised the issue with the finance ministry on October 5 requesting the government to increase the deadline or provide ease with the guidelines.
A source close to government said, “The RBI is unlikely to extend the deadline or ease the guidelines. Payment companies have been given sufficient time of six months. There’s no question of going back on the data localisation plan’’.
But, the fact of the matter remains the same, there are more Mastercard and Visa card holders in India as compared to RuPay which may will create huge problem for the online buyers after the expiry of the deadline.