 "Visa, Mastercard and American Express miss RBI's data localisation deadline")
Top executives of Visa and Mastercard on Wednesday met the Reserve Bank of India (RBI) officials, after the central bank asked the card networks to pause commercial card-based payments being made by corporates and businesses.
RBI issued directions to card networks and financial technology firms on February 8 to put on hold all commercial card-based transactions made by companies, people close to the development said.
The commercial card market in India is expected to reach $60 billion by FY26 from $20 billion in FY22.
According to RedSeer estimates, the global commercial card market is expected to reach around $5 trillion
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