The Biggest Security Risk in India: The Mastercard Ban

07/14/2021 by No Comments

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The Biggest Security Risk in India: The Mastercard Ban | Network Security. This article talks about the very real and very significant threat to the Indian mobile banking industry. By doing the math on mobile phone payment, Mastercard was the second largest payment company in India in 2016 with a whopping $17 billion. This year, however, Mastercard has been hit pretty hard by the debit and prepaid markets. Mastercard Asia is the world’s fourth largest debit card network with more than $4 billion in revenue. A mobile phone app is the cheapest way the country’s banks and mobile wallet operators can accept mobile payments. The Indian payment ecosystem has never been more vulnerable. By now, Mastercard has been in trouble from both the payment and fraud sides of the equation. Why is it all the more important now? On Friday, Mastercard announced that some of its customers and app users will not be able to activate their account after January 1, 2017. The company says it has received a notification from the Reserve Bank of India (RBI) on Friday demanding their account be suspended on January 1, 2017. Mastercard is the world’s largest bank through its global network of merchant services and merchant loyalty programs, its consumer credit card business, and through its Internet Banking and Web Card services. As the leader of the consumer payment industry, it is imperative for Mastercard to remain an integral part of India’s digital economy.

This is not a good sign for Mastercard Asia. As a payment company, Mastercard operates in every economic and social category of the country. India, which is the largest consumer market in the world in the first nine months of this year, has been transformed in recent years due to mobile payments and credit cards.

Over the past decade, the Indian mobile payments and credit card markets have expanded at a dramatic pace, doubling the number of merchants in the country over the same period. In 2016, the country has 1,340 merchants, a number that has never fallen below 1,500 in the 20 years since it was legalized.

India is a vibrant world of markets that are now connected through mobile payments. For the Indian consumer, the opportunities for mobile payment are enormous.

In July the Central Bank of India banned New Domestic Card Player Asia/Pacific Pte Ltd over the non-compliance with Local Data Storage Guidelines.

Article Title: In July the Central Bank of India banned New Domestic Card Player Asia/Pacific Pte Ltd over the non-compliance with Local Data Storage Guidelines | Network Security. Full Article Text: The Bank of India (BOI) has banned New Domestic Card Player Asia/Pacific Pte Ltd (NDCPL) for non-compliance with the Local Data Storage Guidelines. The ban was imposed following a complaint from the Data Centre Committee, a regulatory body within BOI that deals with the maintenance of local databases. The complaint was lodged with the Banking Supervision and Information Technology (BSIT) Department on 5th July 2007. The ban was imposed on the basis of a complaint by the Data Centre Committee. The ban was also announced in the BOI Order No. 12/2008 dated 31st July 2008. “We are also following the case,” a senior bank official in the Information Technology Division said. The Banking Regulation Act, 2005, states that the provisions of the Act apply to Central Banks in India. The said Act is being amended in the Parliament, so the provisions of the Act no longer apply. The amended Act lays down a two-pronged procedure for an entity to be dealt with under the Act: for the entity to be notified as a money transmitter or a money transmission business and for it to be dealt with under the Money Transmitter (Amendment) Act, 2005. The amended Act requires an entity to submit an application to the Ministry of Finance or the Central Board of Direct Taxes for its status in an application category of the Money Transmission Business Order and submit a financial statement to the Ministry of Finance.

For details, you can refer to the report filed by National Tax Authority, Government of India and Bureau of Economic and Statistics, Government of India.

The following is a brief overview of the provisions in the Money Transmission Business Order.

RuPay Card Issues and Compliance with RBI :

Pending clearance from RBI, RuPay card issues and compliance with bank regulations are issues that have been put in spotlight by banks and e-commerce sites like Amazon, Paytm, Ola, Bharti Khera and Reliance Communications. According to RBI, more than half a dozen of the banks are also expected to issue the RuPay card soon.

There is a buzz in the banking circles that RuPay issue is imminent due to increase in debit card demand. Many banking institutions are planning to issue the RuPay card soon.

This has been a long time coming. Over the years, there were many discussions and a lot of work has gone into the issue so that it could be implemented. But now, the RBI has finally cleared the issue and the process is underway.

The RBI has said that this year debit cards in the country will have 10 million wallets or more. RBI had said that its mandate is to provide financial inclusion to its citizens and that it will work towards the goal of eliminating the cash and plastic economy.

RuPay card is basically a prepaid network mobile phone or bank account card. It is a digital debit card that can be used with debit cards or Paytm to process payments.

RuPay cards are issued to people who do not have a bank account. They are also issued to users through RuPay Bank and are not issued to bank employees.

RuPay bank card was introduced in 2011 and for over a decade, debit cards were introduced to facilitate the usage of cards with minimum charges along with the transaction facilities of a mobile bank account.

RuPay card is used mainly by students and employees of small businesses or e-commerce platforms. It can be used for a limited period of time, after which customers will have to re-issue the card.

These are issued to people aged 18-60 for a maximum period of three months. RuPay cards are non-transferable.

The RuPay card is linked to the bank account for a period of 15 days.

RuPay bank cards is available only at banks, banks can also provide RuPay cards to the bank, and there are no limits on the number of bank cards that can be issued for an individual.

RBI Guidelines on payment system data storage: why there is hesitancy?

It’s a challenge in keeping records of payment system transactions. We store information in various forms like files or tables in the data bases, but the need for information in the form of a record is not an easy one. We have to understand what is the need for such records, how they are being used and how they are kept. While many people think that the data stored in the bank notes are of no use, this is not so.

Banks are not averse to collecting transaction data to provide services to their customers. There are some banks which have taken this a step further. They create a separate bank note database, containing all the information regarding their services. As such, any user of the bank note database has access to all the transactions and the bank note information including the customer names, etc.

An example of this is the National Electronic Funds Transfer (NEFT) banking system of India, which uses the bank notes in the form of electronic fund transfer (EFT) transactions. To understand the process of keeping records of EFT transactions, let us go back to the initial problem. First, there is the need to get the data from the database to the end user. This is usually done using queries, which takes the input data and performs certain actions. This process is called SQL. A query is a piece of code written, which can be used and modified for querying data.

SQL is an acronym for Structured Query Language. There are SQL commands for fetching data from a table (and it’s sub-fields), creating a view (an object of the same type) and creating a procedure (a method or function). The difference between a query and a query is that the second one is called a program. A program is one that is not bound to a particular environment and is executable by another program.

The idea is to convert the query into a program that can be executed on a computer in a particular environment. This is called the target programming language (TPL). Hence, the data access and query is done through TPL. The TPL is compiled to a program (a TPL program or TPL script). This particular script is called the TPL script, which is nothing but a program in its own right.

Tips of the Day in Network Security

As I mentioned today, I’m going to be talking about networking security and some of the good (and bad) stuff to do so if you’re interested in those topics we cover on this blog, you can find my Network Security/Security Technology news blog here.

I am also going to talk about some new things related to this post to keep things interesting. Some of them are from my own past projects I do with my company, some are products that I have personally created (this is also one of them), and while most of them are related to networking, they are not my networking related projects.

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