In April 2019, RBI has asked payment companies to ensure their data were stored exclusively on local servers, setting a six-month deadline for compliance.
According to the Economic Times of India, international companies usually store data on global servers and the requirement to store data locally would require further investments. Indian policymakers believe storing data locally would help monitor and conduct investigations if the need arises.
In addition, PayPal announced an expansion of its presence in India with the launch of its third global technology centre. The expansion follows the acquisition of fraud prevention platform Simility in 2018. The Hyderabad centre would focus on leveraging PayPal’s expertise in data science, risk management, and machine learning to empower SMEs to identify and protect themselves from fraud.
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