RBI restricts customers from sharing card details for online payments: Here’s what to do now
Zee News
From January 1, 2022, no firm in the card transaction or payment chain, other than card issuers and card networks, should keep the real card details, according to the Reserve Bank of India (RBI).
New Delhi: If you prefer shopping with the convenience of saved passwords and credit card information, this will soon come to an end! Clients' HDFC Bank card data held on merchant websites or apps would be erased by merchants with effect from January 1, 2022, as per the RBI guideline for increased card security, according to a recent SMS advisory from HDFC Bank to its customers. You can either provide your complete 18-digit card number each time you pay online, or you can employ tokenisation. The decision was made in response to the RBI rule.
From January 1, 2022, no firm in the card transaction or payment chain, other than card issuers and card networks, should keep the real card details, according to the Reserve Bank of India (RBI). Cardholders can also use digital tokens to perform online transactions. RBI will delete all such data that has already been saved if the deadline is not met. This measure is being taken in order to prevent online fraud. Other banks and digital payment accounts, such as HSBC India, SBI Card, Paytm, Phonepe, and the National Payments Corporation of India, have been mandated by the RBI (NPCI).
What is tokenisation?
