On August 22nd, 2014 the Reserve Bank of India sent a memo out to heads of all banks and financial institutions regarding CNP (Card Not Present) transactions. It is believed that this is based on complaints received by the RBI related to taxi company Uber -which uses foreign payment gateways to get around the 2 factor authentication prescribed by the central bank for transactions where a card is not swiped. RBI has stipulated a Oct 31st, 2014 deadline for compliance to this measure or has asked all those not in compliance to cease and desist operations.
BluSynergy has a solution to help such companies that would like to utilize a card not present transaction to help with their operations.This would be very similar to post paid mobile connection, enabled by state of the art technology for billing (calculation), bill presentment and payment including notification and confirmation via SMS and e-mail at every step of the way.
The BluSynergy solution not only helps companies build loyalty but also helps comply with RBI rules on card not present transactions. BluSynergy solution works with ANY payment gateway operating in India and already has multiple integrations complete.
Please note that the company being referred to here is only for reference and BluSynergy does not have ANY agreements with Uber at this time.