RBI To Issue ‘New SOPs for Online Shopping: Required 16 Digit Card Number for Payments

The Reserve Bank of India (RBI) could soon make it compulsory for customers to fill in all card details while making payments online. This means that if a person wants to buy some product online, he/she will have to enter a 16-digit card number, expiry date, and CVV every time to complete the transaction.

The revised guidelines are aimed at securing the card information of customers. For now, customers are required to fill the CVV number and an OTP is sent by their bank to complete transactions. The revised guidelines mean that every time customers buy online or renew subscriptions; the details will have to be typed afresh.

The new guidelines are likely to come into effect from January next year. According to media reports, the rules will apply irrespective of customers doing transactions on merchant websites or e-commerce platforms.

The e-commerce payment model currently stores customer data on their servers. Customers are asked to enter the CVV only while making the payment. Companies use customers’ data to market their products on the basis of their buying patterns.

The new guidelines will discourage data storage and make it harder for companies to market their items in a targeted fashion.

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