If you also make most of the payments online, then there is news of work for you. In fact, to make payment with credit and debit cards soon, you will have to enter 16 digit card number along with CVV number. RBI is going to take these steps to prevent online fraud with customers. At the same time, it will also put a check on those big tech companies who store the data of the debit-credit card of the customers.
16 digits of the card will have to be
After the new rules of RBI, such companies will not be able to store the data of customers’ credit-debit cards in their servers. Now the customer will have to enter the complete details of his debit or credit card while making any online payment. Meaning now only CVV number will not work. Without this no transaction will be possible. Through this, companies will not be able to store customer data and this will increase security.
Rules will be applicable from next year
According to media reports, these new rules can be implemented from January next year. Although earlier RBI wanted to implement this rule from July this year, but it could not happen due to difficulties in its execution. On the other hand, even the banks were not fully prepared for this yet. In view of these, now these rules will be implemented from January 2022.
Safety will increase
While these new rules of RBI, experts believe that this will definitely increase the time taken for online payment but it will be more secure than before. Following these rules, while shopping online, customers will have to enter the full 16 digits of their credit or debit card. Also, the details like CVV, expiry date will also have to be entered manually.