Why Worry? Here Is A Data Centre For You To Meet The Govt. Guidelines

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The Reserve Bank of India has come out all guns blazing by directing the payment companies .
This directive is regarding storing of data locally. Giving them just about six months for compliance. The RBI went a step ahead, mandating all the payment system operators. This mandate was for them concerning data in order to be efficiently working in India. All of this to ensure that the data related to payment is system operated and stored in the country. The operators will have a period of six months to comply with this RBI directive. A detailed narrative is expected in a week's time.

At present only a very few payment system operators are storing the data either partly or completely in the country. This information is as per the Reserve Bank of India report on the policy review announcement . There are some further insights. These all in order to have unfettered access to all payment data. These are for the supervisory purposes, all which have been deciding that all payment system operators will be ensuring that data related to payment systems operated by them are stored only inside the country within a period of six months. 
Thus all the big players ranging from Visa, MasterCard, Google, Paytm and others will be complying with the central bank’s new rules. The directive is on par with data storage and oversight rules. These rules which are followed in other Asian countries like China, Japan, Malaysia among others. One point for noting is that the RBI’s directive only requires data from Indian consumers be stored locally. This does not explicitly mention that a mirror of this data can not be stored abroad. Summing this in theory is that a company like Visa could store all transaction data in India while storing a mirror of the same in the United States or Europe.

 
What Is The Status Of Digital Payments In India
The digital payments space in India has been growing over the last few years. The domain has been seeing the entry of global tech giants like Google and the Facebook-owned WhatsApp into this space. Around a hundred and seventy one point four million UPI transactions were made in the month of February. Close to rupee nineteen thousand crore are being transacted. The BHIM processed around five percent of all UPI transactions. Paytm is responsible for forty percent of all UPI transactions. We can be speculating that a major portion of the remaining thirty eight percent was driven by Google Tez and the new entrant WhatsApp payments.
A new entrant into the data centre sphere is going to be ISOURSE Technologies Pvt. Ltd. This is presenting a very lucrative opportunity. An opportunity for B2B organizations to en-capture the market. The organization is soon to come up with a data center of it's own. Standing at the flag end of 2018 we have now completed gearing up to tackle new challenges. Challenges like more connected users and an ever-evolving digital world. With the year unfolding, the surety is of keeping an eye on these trends. Also knowing where these can be helping out in shaping the data centre business .
Location: India

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