Global startups like San Francisco-based car hire company Uber and ecommerce players will have to rework their billing systems in India with the Reserve Bank of India insisting on second factor authentication for all `card not present' transactions in the country. The RBI has also banned dollar billing for local services and has asked companies using offshore payment gateways for transactions in India to immediately cease this practice and settle payments within the country. A `Card not present' or CNP transaction is the terminology used by the RBI to describe payments made without actually swiping the card but using details on the card.This applies to........
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