RBI says online transactions using credit cards should be in rupee; Google, Amazon likely to be hit - Financial Express
Are they serious? How do I shop on an online service that has no Indian connection?
Are they serious? How do I shop on an online service that has no Indian connection?
The Reserve Bank of India on Friday said that settlement of transactions using credit cards online, also known as card not present transactions, for purchase of goods and services within the country will have to be done through a bank in India and the payments must be made in rupee.
The move by the RBI might hurt e-commerce platforms and taxi aggregators such as Google Play, Amazon and Uber as these companies route credit card transactions through an international payment gateway and circumvent the two-step verification mandated by the RBI.