Online debit card, credit card rules to change from new year; Details here
Zee News
The new debit and credit card rules will take effect on January 1, 2022, and the RBI has requested retailers and payment gateways to carry out transactions using encrypted tokens.
New Delhi: Making payments via the internet has become the new norm. People prefer to make online payments rather than carry cash in their pockets. People undertake online transactions for a variety of reasons, including ordering food, shopping, and booking cabs, and they preserve their passwords, debit card, and credit card information. However, along with the rise in internet banking, the rate of online fraud has skyrocketed. As a result, the Reserve Bank of India (RBI) has instructed all merchants and payment gateways to erase sensitive customer information from debit and credit cards that is saved on their end in order to make online payments safer and secure.
The new debit and credit card rules will take effect on January 1, 2022, and the RBI has requested retailers and payment gateways to carry out transactions using encrypted tokens. Banks have begun to alert their consumers about the situation. Customers of HDFC Bank have been notified through SMS that details maintained on merchant websites/apps will be destroyed by merchants as of January 1, 2022, in accordance with the RBI regulation for better card security. It went on to say that if you want to pay each time, you can either input your complete card number or opt for tokenisation.
According to the new laws, beginning in January 2022, when you make your first payment to any merchant, you will be required to provide an additional element of verification (AFA). After that, you'll finish the payment by entering your card's CVV and OTP.
