January 1 alert: New RBI Guidelines means online payments to see some chaos in new year
India Today
Amazon, Flipkart and the payment aggregators including Google Pay, Paytm and streaming giants including Netflix, Flipkart and others will no longer be allowed to store the card details of the customers, as per new RBI guidelines
RBI's new mandate will change the way you handle your online payments. The Reserve Bank of India has a new set of guidelines for payment gateways and online merchants that would stop them from storing customers' card details. This clearly means that you will have to remember your 16 digit card number or carry the card wherever you go when shopping online. The new rules were earlier scheduled to go into effect from July 2021, but they will now come into force in January 2022.
The online shopping websites, including Amazon, Flipkart and the payment aggregators including Google Pay, Paytm and streaming giants, including Netflix, Flipkart and others, will no longer be allowed to store the card details of the customers. This will make things all the more difficult for users as in place of entering only their CVV numbers, users will have to enter their card details every time they want to make an online payment. Especially in scenarios where you would want to tap on card details on an online platform to get done with the payment in seconds, you will now sit and enter your entire card details for every payment you make.
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