Keeping in mind the safety of customers, the Reserve Bank of India (RBI) is preparing to make major changes regarding debit and credit cards. Because of this many things will change for you.
There is going to be a big change for those who use debit and credit. You may have to enter 16 digit card number to make online payment (every time) from next year i.e. 2022. According to ET, the Reserve Bank will no longer allow any merchant to store debit card or credit card data of customers. No matter how secure their system is.Also Read: RBI puts new payment network plan digital payment platforms on hold
At present, once you have added the card details on any online shopping websites, all you need to do is to enter the CVV (Card Verification Value) and OTP (One-Time Password) to make the payment. But this may change from next year and every time you make the payment, you will have to fill the complete details of the card.Also Read: Gold Price: Today there has been a huge fall in the prices of gold and silver, know the price of 10 grams of gold…
The Reserve Bank is reportedly against accepting the payment gateway’s demand for exemption. The new Payment Aggregator/Payment Gateway (PA/PG) rules will make it mandatory for each online merchant processing transaction to have access to only one ‘tokenized key’. The new rules will also restrict the use of this data by authorized operators for auto checkout.Also Read: Embezzlement of lakhs in Sukanya Samriddhi Yojana and savings accounts, there is a stir among the account holders
E-commerce will have to tie up with the card network for the tokenization system. These tokens will be linked with each card number. No one else can use this token. Only specified merchants will be able to use it. The reason behind this strict rule of RBI is being told to ransomware attacks.Also Read: RBI puts new payment network plan digital payment platforms on hold
Officials say that keeping the safety of consumers paramount, new rules have been made. He says that the current system is seamless, but there is a possibility of it being breached. Because the customer card details are being saved in the merchant’s servers and not directly under the supervision of RBI.
