All the transactional data pertaining to the Indian Customers on US-based servers is deleted by the Global payment giant Mastercard from this month. It expects to complete this de-duplication process by year-end.
Recently, RBI asked the technology payment giants to comply with all the data localization norms. Under this norm, they can store Indian transactions customer transaction data within the boundaries of India only.
At Indian servers, Mastercard was already saving the data of Indian customers from October in last year. But the data stored on it US-server lead to the duplication of data stored in Indian servers.
Ari Sarker, co-president, Asia Pacific, Mastercard revealed in an interview to PTI that from October 2018, all the data belonging to Indian customer was stored in India. However, the real challenge is not about installing a few servers in India but to keep the data within the Indian boundaries to comply with the RBI regulator.
He confirmed that the MasterCard has committed to the RBI regulator to comply with its requirements.
Further, Mr. Sarker revealed his positivity about the process and confirmed the execution of the data de-duplication which is expected to complete in three phases. It is relatively a complicated process which is not merely about installing a few servers in India.
This first phase is started from May 5 under which the tokenization is available only in India. Other steps such as authorization of transactions, Mastercard will comply with it.
Over the course of a few months, Mastercard is expecting to build the likes and Token Vaults in India. From the view of transactional data, Mastercard is expecting to reside everything by December-end.
Subsequently in the years 2020 and 2021, Mastercard is devising a strategy to create a global technology node in India to ensure the even processing of data. It will help them to develop a domestic transaction processing center and service hub within India over these two years.
India is going to be the second country after the US where the global technology node will be established by the Mastercard with all the core transactions like processing services, tokenization, authentication services, and all other services.
Besides helping in balancing the global presence and network, this move will surely bring an Indian presence to the Mastercard and flexibility to use India for other’s company traffic.
Some of the fintech companies like Zeta, SignZy, RazorPay, Syntizen, Happay, ToneTag and Fluid Al have partnered with Mastercard to extend its existing capabilities to explore the partnership and investment opportunities in India.
