Card declined: The problem with enforced data localisation
India processes the world's financial data. Enforced 'data localization' can hurt its $126 billion services exports if there's reciprocal US action-and also make transactions less, not more, secure.
Did you make a card transaction in India today? If that card has a Visa, Mastercard or American Express logo, the companies behind those logos now fall afoul of a new Indian law.
That's because a six-month deadline, given in an RBI circular issued abruptly (more on that later) last April to force all payment companies to store all financial data of Indian citizens only in India, expired on
