RBI wants you to memorise all your debit and credit card numbers — Amazon, Zomato, Netflix and others argue this will make online payments more tedious

• India’s apex banking institution, the Reserve Bank of India (RBI), has issued new master directions that will stop online merchants, payment aggregators and e-commerce websites from storing your debit and credit details.
• This means that you will either have to memorise your card details or keep your card handy every time you want to shop online, renew your subscription or make an in-app purchase.
• The new guidelines are set to kick in from July, this year.

(Reserve Bank of India (RBI) has issued new 'master guidelines' for digital payment security controls) BCCL

A debit or credit card number is 16 digits, and not everyone has the bandwidth to memorise them in their entirety. Especially, since most people use more than one card. But, according to the Reserve Bank of India’s (RBI) new rules, you may not have a choice. The only other alternative is to take your cards wherever you go.

• The new guidelines are set to kick in from July, this year.

A debit or credit card number is 16 digits, and not everyone has the bandwidth to memorise them in their entirety. Especially, since most people use more than one card. But, according to the Reserve Bank of India’s (RBI) new rules, you may not have a choice. The only other alternative is to take your cards wherever you go.

What customers complained to the RBI about in 2019-20BI India

India’s apex banking institution has issued new guidelines dictating that online merchants, e-commerce websites and payment aggregators — this includes everyone from Amazon to Flipkart to Google Pay to PayTM to Netflix — will no longer be allowed to store card details of a customer online.

According to the RBI’s circular, these new guidelines will come into effect starting July 2021. India’s apex banking institution has issued new guidelines dictate that online merchants, e-commerce websites and payment aggregators – this includes everyone from Amazon to Flipkart to Google Pay to PayTM to Netflix – will no longer be allowed to store customer card details online. According to the circular of the RBI, these new guidelines will come into effect from July 2021. This means that not only do you have to enter your CVV to make a payment, but you must re-enter all your card details – name, card number and expiration date – every time you want to make an online payment. You would think that in the pursuit of ‘Digital India’ these new rules would hinder the process of creating a cashless country. But India’s central bank argues that the point of not allowing third parties to store card data is to reduce the added risk of fraud and financial theft.

Read more at: https://www.worldnpost.com/

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