India has banned the issuance of new MasterCard cards

The international payment system MasterCard was indefinitely banned from issuing new debit cards in India, according to the website of the country’s central bank. The regulator found that the company violated the law by ignoring the requirement to store data on transactions exclusively within the state.

“Despite the fact that a lot of time has passed and the company was provided with sufficient opportunities, we concluded that MasterCard does not comply with the requirements under the law on the storage of payment systems data,” the message says.

These restrictions will not affect existing customers of the payment system.

In 2021, India banned new American Express and Diners Club cards for the same reasons.

Leave a Reply

Your email address will not be published. Required fields are marked *