India’s banking regulator has issued new billing restrictions which will forbid international businesses such as flourishing taxi app Uber from processing payments via foreign banks.
The Reserve Bank of India (RBI) said online card transactions for goods and services within India must be done through a bank located inside the country’s borders, and be transacted in rupees.
Companies that route transactions through an international payment gateway, including taxi-billing service Uber and Amazon India, may find themselves frozen out of operating in the world’s second-most populous country.
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