RBI Guidelines: By preventing Google Pay and PayTM, and Amazon and Flipkart from storing customers’ card information, the new rules will ensure customer safety and data security
If the RBI has its way, the CVV number alone may not be enough to undertake online transactions. The central bank is planning to make it mandatory for customers to enter all their card details i.e. name, 16-digit card number and expiry date, and CVV for every online payment, in an attempt to secure the card information. The new regulations are likely to kick in from January of 2022, according to media reports.
The revised rules will mean that everytime one makes a purchase on Amazon and Flipkart, pays through Paytm and Google Pay, or renews subscription on Netflix, the details will have to be typed anew.
Adding details for every transaction might be a tedious process, especially for those owning more than one card. But by preventing payment aggregators such as Google Pay and PayTM, and e-commerce websites such as Amazon and Flipkart from storing customers’ card information on their servers and databases, the new rules will ensure customer safety and data security.
E-commerce merchant sites and payment gateways currently store customer data on their servers and use the stored information to verify and approve transactions, with CVV (card verification value) and a one-time password (OTP) being the only requireme
A CVV number or a card verification value is a 3-digit code on the back of a credit or a debit card, whereas a 16-digit number is the card of the card concerned and is printed on the front of the card.
Source : https://www.ndtv.com/business/you-may-have-to-soon-memorise-16-digit-number-for-online-payments-2516509#pfrom=home-business_yourmoney