Soon you will need to keep your debit, credit card handy to make payments online
New Delhi, Feb 26: The debit and credit card numbers contain 16 digits and it is not easy to remember.
It is even harder when people use more than one card. As per the new rules of the Reserve Bank of India, you many have an option, but to take the card with you wherever you go.
The RBI has mandated that merchants, e-commerce websites and payment aggregators will not be allowed to store the card details of the online customers. These rules will apply to Amazon, Flipkart, Google Pay, Paytm, Netflix, etc. This means these companies will not be able to store your card number.
Earlier, when the card number was stored, you could enter your CVV to make payments. Now you will have to enter all the details such as your name, card number and card validity to make online payment.
The RBI circular says that this would come into effect from July 2021.
While there is an argument that this could hamper the process of going cashless, the RBI says that the purpose of not giving card details to a third party is to reduce the risk of fraud.
The IT industry body NASSCOM had already expressed its concern against such a move in January.
According to CNBC-TV18, a group of 25 consumer internet companies like Flipkart, Amazon, Netflix, Microsoft and Zomato have also written to the RBI. They argue that these rules will severely disrupt the customer's online payment experience.