India lets Mastercard issue new cards again

India’s Reserve Bank has lifted its ban on Mastercard issuing new cards within the nation. The ban was imposed in July 2021 when the Bank (RBI) found Mastercard to be “non-compliant with the directions on Storage of Payment System Data”. Those directions were issued in April 2018 and gave banks and payment systems six months …

[Tron]

India is the new China

India has a nationalist regime. Like China, they want foreign companies out. So leave. Let them do their own thing. No leader is in power forever. Trump went. Eventually Putin. Johnson and Xi will, and so will Modi. Indians can then rejoin the wider tech community if they wish to.

Ironically, I can't update my own Visa card as the bank's authorisation pop up is hanging and leaving me with a blank rectangle - FA instead of 2FA.

[man_iii]

Re: India is the new China

Let's not whataboutism. A dysfunctional democracy with loads of corruption is waaay better than a dictatorial communist regime that can weld you shut at your home or arbitrarily cut up your passport and prevent you from leaving.

India allows foreign companies to either bring or take out their earnings in USD just try that in China I dare you.

[EricB123]

Re: India is the new China

Thanks for that post. So true.

[Raj]

Re: India is the new China

"Nationalist" ? Why would I as an Indian be subject to US law when it comes to a problem with my local credit card, that I may not even be able to use in the US ? I'm not interested in my data being on an American server. It should be in India, within control of India law, not a pawn to some international tiff.

If Visa/MC want to do business in India, they keep that data in India, on Indian data centers, within the purview of Indian law. This framework of laws will ultimately apply to every internet provider, from payment intermediaries to SM companies.

There's nothing nationalist in this. It's where the money is - data is the new gold. Data on the economic behavior of 1 billion people.