The New Rules for Payment By Debit and Credit Cards

This rule is being implemented by the Reserve Bank of India. RBI has asked to delete customer data stored by all websites and payment gateways to make online payments more secure.

The new rules for payment by debit and credit cards coming into effect from January 1, know how it will affect you?
This rule is being implemented by the Reserve Bank of India. RBI has asked to delete customer data stored by all websites and payment gateways to make online payments more secure.

If you are using a credit or debit card, then it is important to know that the method of online payment with debit and credit cards is going to change on the new year. This rule is being implemented by the Reserve Bank of India. RBI has asked to delete customer data stored by all websites and payment gateways to make online payments more secure. Apart from this, encrypted tokens will be used for transacting in its place.

What did RBI say?
RBI issued guidelines in March 2020 stating that merchants will not be allowed to save card information on their websites to promote data security. Also, if the information is already stored then it will be deleted. According to the new guidelines in September 2021, companies have the opportunity to comply with the rules and give them the option of tokenization by the end of the year.

What does the new rule say
Currently, if using debit or credit, you need to provide information like card number 16, card expiry date, CVV as well as one-time password or transaction PIN. But from January 1, 2022, while making online payment, you will either have to enter complete card details including 16 digit debit or credit card number or opt for tokenization option.

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The new rules for payment by debit and credit cards coming into effect from January 1, know how it will affect you?

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