Now, you have to memorise 16-digit debit, credit card numbers, expiry date, CVV no: Here’s what RBI says

The Reserve Bank of India (RBI) has come up with its revised guidelines on the data storage policy. Meanwhile, the apex bank has rejected the proposal made by payment gateway companies.

These revised guidelines will help in keeping away payment aggregators and merchants like Amazon, Flipkart and Netflix from storing customer’s card’s credentials on their servers or databases. 

Picture this, the new change means that customers debit cards or credit cards will have to give their 16-digit card number every time they make a transaction. This is aimed at securing the card information and ensuring that payment operators are not storing the data on the system.

This new change is expected to take place from January 2022 and then customers will be asked to put their 16-digit card number, along with the expiry date and the CVC for each and every transaction. This step is taken to ensure the safety and security of data. 

This entire e-commerce payment model functions on data storage and the companies use it to market new items to customer demographics on the basis of the availability of information.

With this new change, UPI might be a possibility for the favoured method of payment. In recent years UPI payment methods have become very popular for their quick and easy payment systems. 

The apex bank was supposed to bring in the new guidelines in July but then it had to postpone it by six months as banks were not ready for it.