Credit card will have to remember 16 digit number, expiry and CVV too, know RBI’s new instruction
This change, enhanced by the RBI, will probably be implemented from January 2022. If this rule is implemented, then the customer will have to type the full details of the card on every online transaction. Like card number, CVV and expiry date.
In the coming times, you will have to remember 14 digit numbers of credit and debit cards. Expiry and CVV information will also have to be memorized. Reserve Bank RBI has issued a new rule for this. This rule is under the data storage policy, in which the security related to the account of the customers is being taken care of. Debit card debit card or credit card The 16 digits of the credit card are very important. Along with cvv cvv and expiry date also. Those who use the card for online banking know how important the 16 digit number, CVV and expiry are. The same goes for fraud.
The Reserve Bank has taken this step to prevent any kind of fraud or online fraud. For this, the Reserve Bank has rejected the proposal of payment gateway companies (companies through which online transactions take place) in which permission was sought to store the information related to customers’ cards on their servers. These companies include companies like Amazon, Flipkart and Netflix.
According to the new rules of RBI, from next year, customers will have to write the full 16 numbers of the credit or debit card while making online payment. Whenever you make payment, you will have to write it. Along with this, information about CVV and expiry will also have to be given. This may cause some inconvenience to the customers, but it is going to prove to be a suitable step in terms of security.
Why have to remember all the numbers
This change, enhanced by the RBI, will probably be implemented from January 2022. If this rule is implemented, then the customer will have to type the full details of the card on every online transaction. Like card number, CVV and expiry date. Whether you do the transaction on a merchant website or on an e-commerce platform. This rule will apply equally to both the places. Customers may have trouble remembering how many card numbers. But for security it is very important that merchant companies or e-commerce companies do not store your information. This can result in a big loss.
How data storage works
Have you wondered how you get reward points or cashback on your card when you shop with the card? It is all based on data storage. Companies have information related to your card. The reward point is reversed on the same number. This makes many things related to the card and your bank account a security challenge. To deal with this, the Reserve Bank is taking this step. However, payment gateway companies feel that this may reduce the number of customers because entering the credit card number every time is a big task. But tackling any challenge to security becomes the biggest responsibility.
UPI is being considered as the most powerful medium to avoid card transactions and work quickly. If there is no big mistake and burglary in this, then the possibility of fraud becomes zero. In this, neither card number nor CVV or expiry will be required. You have to remember the PIN which can be the MPIN. UPI transactions are faster than cards.
