The Reserve Bank of India (RBI) said last week that online transactions using credit cards for the purchase of items and services within India must be done through a bank within the country and be transacted in rupees. As the Indian Express explains, this may hurt online businesses, including Google Play, Amazon, and Uber, that route credit card transactions through an international payment gateway, bypassing the two-step verification required by the RBI.
In a statement, the RBI said:
“It has come to our notice that despite the above clarifications there are instances of card not present transactions being effected without the mandated additional authentication/validation even where the underlying transactions are essentially taking place between two residents in India. It is also observed that these entities are evading the…
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