Now, you have to memorise 16-digit debit, credit card numbers, expiry date, CVV no: Here’s what RBI says

The new change means that customers debit cards or credit cards will have to give their 16-digit card number every time they make a transaction.

The Reserve Bank of India (RBI) has come up with its revised guidelines on the data storage policy. Meanwhile, the apex bank has rejected the proposal made by payment gateway companies. These revised guidelines will help in keeping away payment aggregators and merchants like Amazon, Flipkart and Netflix from storing customer’s card’s credentials on their servers or databases.  Picture this, the new change means that customers debit cards or credit cards will have to give their 16-digit card number every time they make a transaction. This is aimed at securing the card information and ensuring that payment operators are not storing the data on the system.