![]() Share PriceĪdani Ports & Special Economic Zone. India has 62.3 million credit cards and 902.3 million debit cards in circulation. Other leading card networks in India include US-based Visa and National Payments Corp of India’s RuPay. Additionally, these entities are required to submit a system audit report (SAR).Īmerican Express is registered as a payment system operator ( PSO) authorised to operate a card network under the Payment and Settlement Systems Act. The data in transactions at the point-of-sale terminals lies with the debiting and crediting bank and not with the one that instals the PoS machine.Īmerican Express in India predominantly works with private lenders such as ICICI Bank, HDFC Bank, Citibank and IndusInd Bank to issue premium travel and leisure cards through various co-branded merchant tie-ups.Īs per RBI’s data localisation rules introduced first in April of 2018, payment operators in India must store data in a server physically present in India. ![]() The resumption of merchant acquisition is due to the fact that it does not involve capturing of any data by American Express. The network regulates who, where and how cards are used in terms of safety and authentication. It also processes payments through merchants - both online and storefront - through a network of affiliate aggregators and acquiring banks. The auditor would require going through terabytes of data to issue compliance certificates which is a time-consuming process,” an industry insider said.Ī card network issues debit, credit, or prepaid cards in tie-ups with licensed banks and payment companies. “Companies like Amex and Mastercard typically send authentication data that hits its switches in India to servers based abroad as part of their global fraud check policies. ![]() Amex had stopped its merchant acquisition operations in India from May 1. ![]()
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