Reserve Bank of India - RBI new rules for online transactions and introduces new guidelines for online payments starting January 1, 2022.
The new guidelines banning the storage of card details used by customers will be implemented on all online shopping platforms such as Amazon, Flipkart, as well as on payment collectors such as Google Pay or Paytm and also on streaming giants such as Netflix. Amazon Prime Video and more. The new guideline could make things a little difficult for customers.
Synopsis
- The new guidelines will prohibit the storage of card details used by customers.
- According to the latest guideline formed may hamper the user experience and the total idea of digital advancement.
- RBI is introducing new guidelines to make the online payment process safer.
According to recent reports, the Reserve Bank of India (RBI) is introducing a new set of guidelines that will change the online payment process in the country. RBI's new guidelines will now prohibit payment gateways and online merchants from saving or archiving customer card details.
As a result, customers who use cards to make payments will now need to remember or carry their sixteen-digit card number with them. Reports suggest that the guidelines were expected to take effect starting July 2021, but are now expected to begin rolling out on January 1, 2022.
All about the RBI new rules for online transactions
The new guidelines banning the storage of card details used by customers will be implemented on all online shopping platforms such as Amazon, Flipkart, as well as on payment collectors such as Google Pay or Paytm and also on streaming giants such as Netflix.
Amazon Prime Video and more. The new guideline could make things a little difficult for customers, as instead of simply entering their CVV number during payments, they will be asked to fill in all card details. In simpler words, what was possible with a tap and took seconds to pay on any platform will now require customers to fill in all card details during checkout.
According to the latest guideline formed may hamper the user experience and the total idea of digital advancement. Previously, most banks were against the guidelines, resulting in the plan not being implemented during the month of July. On Tuesday, the RBI issued a circular allowing an extension of the deadline until December 31, 2021 for the implementation of these guidelines.
RBI introduces new guidelines to make the online payment process safer for users; however, he also said the process is going to get a bit tedious for users. For example, users who want to leave any shopping website will now need to enter their card number, expiration date and CVV to make the payment instead of just a tap.
In this connection, the giant digital companies are relying online and dealing with high end volume digital payments, such as Zomato, Flipkart, Amazon, Microsoft, Netflix, have already sent a petition to the central bank as the new guidelines could hinder at the same time the user experience once. make payments.
