If you also do most of the payments online then this news is for you. Soon you will be required to enter 16 digit card number along with CVV number to make credit and debit card payments. RBI will take these steps to prevent online fraud with customers. This will also put a check on the big tech companies storing the debit-credit card data of the customers.
16 digit card number required
After the new rules of RBI, such companies will not be able to store the credit-debit card data of customers on their servers. Now the customer has to enter all the details of his debit or credit card while making any online payment. It is suggested that from now on only CVV number will not work. Without this no transaction can be done. This will prevent companies from storing customer data and 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, it could not happen due to difficulties in its implementation. On the other hand, the banks were not yet fully prepared for this. In view of these, now these rules will be applicable from January 2022.
security will be increased
Experts believe that this will definitely increase the time taken for online payment but it will be more secure than before. According to the rules, customers will have to enter all 16 digits of their credit or debit card while shopping online. Along with this, details like CVV, expiry date will also have to be entered.
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