Visa has reportedly suspended its “Visa Checkout” service in India, which allows customers to complete transactions with a single click, due to regulatory changes in the country. The Reserve Bank of India (RBI) recently mandated that payment companies must offer a two-factor authentication system for all transactions, even if the customer has previously saved their card details. This move is aimed at increasing security for online transactions and reducing the risk of fraud. Visa has said that it is working with the RBI to address the issue and restore the service as soon as possible.
Visa has decided to halt its “Visa Checkout” feature in India. This service allowed users to make online payments with just a single click, without the need to enter card details for each transaction. The move is reportedly due to a recent regulatory change in India which mandates the use of local storage for payment data, instead of allowing it to be stored on servers located outside India. Visa has reportedly informed its merchant partners in India that it will discontinue the service from May 16, 2023. Visa has stated that it is working on a solution that will enable users to continue using single-click payments while complying with the new regulatory requirements.