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US companies face off with Paytm in lobbying against data storage rules

The RBI in April said payments data should be stored "only in India" within six months for "safety and security"

Paytm  |  Reserve Bank Of India  |  Rbi

Reuters  |  New Delhi 

  US payment firms have successfully pushed India to consider diluting rules on data storage, but their lobbying campaign has sparked a bitter industry spat pitting them against local rival Paytm, according to sources and documents seen by Reuters.   India's central bank in April directed payment firms to store data locally for "unfettered supervisory access" - a move companies such as Visa, Mastercard and American Express fear would cost millions of dollars and hamper global fraud detection. But the rules give a competitive advantage to Paytm, backed ...

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First Published: Tue, July 24 2018. 21:22 IST