RBI To Issue ‘New SoPs For Online Shopping’, 16 Digit Card Number Required For Payments

If you also make most payments online, this news is for you. To make payment with credit and debit cards, soon you will have to enter the 16 digit card number along with the CVV number. RBI will take these steps to prevent online fraud with customers. This will also put a check on the big Tech companies that store the debit-credit card data of the customers. 16 digit card number requiredAfter the new RBI rules, such companies will not be able to store credit-debit card data of customers on their servers. Now the customer will have to put in all the details of his debit or credit card while making any online payment. Suggesting that from now just the CVV number won’t work. Without this, no transaction can be done. This will prevent companies from storing customer data and will increase security. Rules to come into effect from next yearAccording to media reports, these new rules could come into effect from January next year. Although earlier RBI wanted to implement this rule from July this year, it could not happen due to difficulties in its execution. On the other hand, even the banks were not fully prepared for this yet. In view of these, these rules will now be implemented from January 2022.  Safety will be enhancedExperts believe that this will definitely increase the time taken for online payments but will make them safer than before. As per the rules, customers will have to enter all the 16 digits of their credit or debit card while shopping online. Also, details like CVV, the expiry date will have to be entered.  

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