Last week, the Reserve Bank of India (RBI) mandated that companies that accept card-not-present transactions in India using a foreign gateway must abide by regulations that require two-factor authentication.
According to the new site Card Not Present, the Indian central bank decided to take action after the launch of the taxi app and service Uber launched in India. In India, passwords are required for payment in card-not-present (CNP) transactions. However, Uber charges customer cards automatically after a driver drops a customer off at his or her destination and new further verification of the customer’s identity is required.
Since Uber was using a foreign gateway and funds were leaving the country, the taxi service insisted that it was not subject to India’s two-factor rule. The RBI is now insisting that it is.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
Global digital payment volumes are set to reach 426.3bin transactions in 2015, according to the World Payments Report 2016 fromCapgemini and BNP Paribas.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.