New Credit/Debit Card Rules from January 1; Details Here

Insight Bureau: The new guidelines issued by the RBI with regard to the online card transactions will come into effect from January 1, 2022. To make online payments more secure, the Reserve Bank of India (RBI) had asked all merchants and payment gateways to delete sensitive customer data available at their end.

And from this day, the e-commerce companies such as Amazon and Flipkart or online delivery aggregators such as Zomato and Swiggy will not be able to save the card information on their platforms.

The RBI guidelines also stated that the customers carrying out any online transactions on any e-commerce platform will need to enter their debit or credit card details every time they do transactions.

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However, some of the customers can avoid the hassle and choose to provide consent to the platforms to tokenise their cards.

It must be noted that the RBI had in March 2020 issued guidelines which restricted merchants from saving customers’ card details in order to boost security.

Moreover, in September this year, the RBI had enhanced the guidelines on card tokenisation services in order to improve the safety and security. The RBI had said that the tokenisation of card data shall be done with explicit customer consent requiring Additional Factor of Authentication (AFA).

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