Numbers are all over and remembering some specific ones can become difficult. RBI, India's central banking institution wants people to memorize 16-digits debit cards or credit cards numbers, especially, for the people who use more than one card.
The Reserve Bank of India wants you to remember it, along with the date of expiry and CVV. All this is to prevent online merchants, e-commerce websites, and payment aggregators to store the card details of a customer online or on their servers or databases. The central banking regulatory body is going to revise guidelines on the data storage policy. The RBI has rejected the proposal made by payment gateway companies with regard to the new regulation that might kick in from January of 2022, as per media reports. The revised regulations prevent payment aggregators, e-commerce websites and online merchants like Amazon to Flipkart to Google Pay to PayTM to Netflix from storing the information of a customer’s card on their servers or databases.
The bank acts as an important link between the customer and the aggregators which means that rather than just having to enter your CVV to make a payment, customers will have to enter all your card details. From remembering a name, 16-digit card number, expiry date to CVV. This will definitely slow down the convenience of it all, but the aim of this change was to secure the card information. India’s central bank argues that the point of not letting third parties store card details is to mitigate the additional risk of fraud and financial theft.
RBI to revise guidelines on data storage policy: If the Reserve Bank of India revises the guidelines from January 2022 then the customers with debit cards or credit cards will need to punch in their 16-digit card number every time they proceed to make a transaction. This will be applicable on all online payment platforms whether you are doing it on a merchant website or e-commerce platform.
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