India’s Central Bank to strictly enforce 2-step verification for credit card transactions
India’s Central Bank made an announcement recently reminding merchants and service providers about the mandatory 2-step verification process needed to legally collect Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in India.
While not specified by name, the service which seems to have re-sparked the bank’s interest in following the regulations is taxi and black car hailing service Uber. Uber provides a simple payment flow allowing for users to pay for rides quickly and easily by using stored payment card details. The bulk of the complaints came from local taxi drivers stating the mobile Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term is not incorporating a 2-step verification process.
Whether it is abiding by regulations or not, Uber has been under attack from taxi drivers and other transportation services given its fast and efficient way of hailing rides and paying the fare. Something private drivers and car services cannot compete with.
Uber has been linked with mobile oriented payment service provider Braintree, which was acquired by PayPal in 2013. Since its purchase of Braintree, PayPal has used Uber on occasion as a platform for showing off new innovation such as integrated in-app PayPal support. PayPal has also been recently on a quest for simplification, trying to make the buy-process on mobile devices as simple as possible.
All companies which do not incorporate a 2-step verification process are advised to get their affairs in order by October 31st. In addition the bank also added that payments must be routed through a domestic bank and settled in Indian rupees.
"It is advised that entities adopting such practices leading to willful non-adherence and violation of extant instructions should immediately put a stop to such arrangements," the RBI said in a release.
Uber has not responded as of yet regarding the matter.
India’s Central Bank made an announcement recently reminding merchants and service providers about the mandatory 2-step verification process needed to legally collect Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in India.
While not specified by name, the service which seems to have re-sparked the bank’s interest in following the regulations is taxi and black car hailing service Uber. Uber provides a simple payment flow allowing for users to pay for rides quickly and easily by using stored payment card details. The bulk of the complaints came from local taxi drivers stating the mobile Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term is not incorporating a 2-step verification process.
Whether it is abiding by regulations or not, Uber has been under attack from taxi drivers and other transportation services given its fast and efficient way of hailing rides and paying the fare. Something private drivers and car services cannot compete with.
Uber has been linked with mobile oriented payment service provider Braintree, which was acquired by PayPal in 2013. Since its purchase of Braintree, PayPal has used Uber on occasion as a platform for showing off new innovation such as integrated in-app PayPal support. PayPal has also been recently on a quest for simplification, trying to make the buy-process on mobile devices as simple as possible.
All companies which do not incorporate a 2-step verification process are advised to get their affairs in order by October 31st. In addition the bank also added that payments must be routed through a domestic bank and settled in Indian rupees.
"It is advised that entities adopting such practices leading to willful non-adherence and violation of extant instructions should immediately put a stop to such arrangements," the RBI said in a release.
Uber has not responded as of yet regarding the matter.