RBI’s decision: To make payment with credit and debit cards soon, you will have to enter 16 digit card number along with CVV number.
If you are shopping online, then soon the process may take a little longer if you pay with debit card, credit. The Reserve Bank of India often keeps on making changes in the banking rules. Many changes have been made to make the payment system safe and secure. Another change is going to happen soon. In fact, to make payment with credit and debit cards soon, you will have to enter 16 digit card number along with CVV number. RBI is going to take these steps to prevent online fraud with customers. Along with this, it will also put a check on those big tech companies who store the data of the debit-credit card of the customers.Also Read: Bharat ATM: 11 percent interest on RD, these people can take advantage
16 digits of the card will have to be inserted
After the new rules of RBI, such companies will not be able to store the data of customers’ credit-debit cards in their servers. Now the customer will have to enter the complete details of his debit or credit card while making any online payment. Meaning now only CVV number will not work. Without this no transaction will be possible. Through this, companies will not be able to store customer data and this will increase security.Also Read: LIC: How to file death insurance claim with LIC
Rules will be applicable from next year
According to media reports, these new rules can be implemented from January next year. Although earlier RBI wanted to implement this rule from July this year, but due to the difficulties in its execution, it could not happen. On the other hand, even the banks were not fully prepared for this yet. In view of these, now these rules will be implemented from January 2022.Also Read: How paytm users can make payments from a fixed deposit
Safety will increase
At the same time, regarding these new rules of RBI, experts believe that this will definitely increase the time taken for online payment, but it will be more secure than before. Following these rules, while shopping online, customers will have to enter the full 16 digits of their credit or debit card. Along with this, details like CVV, expiry date will also have to be entered automatically.
RBI’s new guidelines
In fact, the Reserve Bank of India is preparing to make changes in its payment guidelines. RBI is preparing to implement its revised guidelines on data storage policy. After this amendment, the number of credit and debit cards will not be stored on merchant platforms such as Amazon, Flipkart, Netflix.Also Read: Jio vs Airtel vs Vi: Who is the cheapest in the annual prepaid plan, 24GB data will be available for a monthly cost of…
What are the rules now
Let us tell you that at present, customers do not have to fill the credit-debit card number every time before online payment. If you want, you can save the credit card details like name, card number, validity etc. on the merchant’s platform. You just have to fill CVV and OTP before payment. The payment process is easy and simple.Also Read: Jio 444 plan is more beneficial than Rs 447 plan here is how you can get 64GB extra data and benefit
