RBI wants you to memorise all your debit, credit card numbers, expiry and CVV | Here's why
3 years, 4 months ago

RBI wants you to memorise all your debit, credit card numbers, expiry and CVV | Here's why

India TV News  

Memorising 16-digits debit cards or credit cards numbers is a difficult task. All this to prevent online merchants, e-commerce websites, and payment aggregators to store the card details of a customer online or on their servers or databases. The revised regulations prevent payment aggregators, e-commerce websites and online merchants like Amazon to Flipkart to Google Pay to PayTM to Netflix from storing the information of a customer’s card on their servers or databases. This means that rather than just having to enter your CVV to make a payment, customers will have to enter all your card details — name, 16-digit card number and expiry date, CVV — from scratch every time they would want to make an online payment. Image Source : PIXABAY RBI is likely to revise guidelines on the data storage policy If the Reserve Bank of India revises the guidelines from January 2022 then the customers with debit cards or credit cards will need to punch in their 16-digit card number every time they proceed to make a transaction.

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History of this topic

RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here
1 year, 2 months ago

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here

Live Mint  

The RBI governor, Shaktikanta Das, has recently put forward a proposal to implement card-on-file tokenisation functionality at the issuer-bank level in India, reported TOI. While card tokenisation represented a significant reform aimed at bolstering the security of online transactions, the Reserve Bank of India has now introduced an additional layer of protection. As previously mentioned, the RBI has introduced fresh …

RuPay goes live on CVV-less payments for tokenised cards
1 year, 7 months ago

RuPay goes live on CVV-less payments for tokenised cards

The Hindu  

The National Payments Corporation of India on Monday said RuPay has now introduced the CVV free payment experience for its debit, credit and prepaid cardholders who have tokenised their cards on the merchant application or webpage. This new CVV-less experience ensures that the cardholder will not have to reach out to their wallet or remember any card details, if they …

New rules for debit, credit cards kick in with tokenisation from today | FULL DETAILS
2 years, 2 months ago

New rules for debit, credit cards kick in with tokenisation from today | FULL DETAILS

India TV News  

Highlights RBI made it mandatory for all credit, debit card data to be replaced with unique tokens by Sept 30 Added security layer by way of tokenisation is expected to enhance users' digital payment experience The deadline was extended multiple times over the past two years at the request of stakeholders Debit credit cards tokenisation: The Reserve Bank of India …

RBI unlikely to extend 30 September deadline for credit, debit cards
2 years, 2 months ago

RBI unlikely to extend 30 September deadline for credit, debit cards

Live Mint  

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by …

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline
2 years, 3 months ago

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline

Live Mint  

Pure play credit card company, SBI Cards & Payment Services is ready in all networks to move towards card tokenisation. To tackle risks involving card storage data, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. Mohan Rao Amara, MD & CEO, SBI Cards and Payment Services on Thursday …

Debit Card, Credit Card Rules: Card No., CVV Must for Each Payment if This is Not Done by Sept 30
2 years, 3 months ago

Debit Card, Credit Card Rules: Card No., CVV Must for Each Payment if This is Not Done by Sept 30

News 18  

Debit Card, Credit Card Tokenisation Rules: The last date for credit card and debit card tokenisation is approaching soon, and the Reserve Bank of India has been notifying users to complete the process before the deadline. The new date for debit card and credit card tokenisation is September 30. Once credit card and debit card tokenisation is done, payment aggregators, …

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means
2 years, 5 months ago

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means

News 18  

Mumbai, Jun 24: The Reserve Bank of India on Friday extended the card-on-file tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' – thereby enabling more secure transactions. As per the RBI mandate to enhance …

RBI extends deadline for card tokenisation till 30 Sept
2 years, 5 months ago

RBI extends deadline for card tokenisation till 30 Sept

Live Mint  

The Reserve Bank of India on Friday extended the timeline for tokenisation of debit and credit cards by another three months till September 30, 2022. In a statement, RBI said this extended time period may be utilised by the industry for, facilitating all stakeholders to be ready for handling tokenised transactions; processing transactions based on tokens; implementing an alternate mechanism …

Credit, Debit Card New Rule: Enter Card No., CVV Every Time You Pay Online From July or Follow This
2 years, 6 months ago

Credit, Debit Card New Rule: Enter Card No., CVV Every Time You Pay Online From July or Follow This

News 18  

The Reserve Bank of India has said that the payment ecosystem in India is ‘by and large’ prepared to adopt the tokenisation rule from July 1. After the credit card and debit card tokenisation rule gets implemented across the country, domestic online merchants will not be allowed to store customer data on their servers. Once credit card and debit card …

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details
2 years, 6 months ago

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details

News 18  

Debit, Credit Card Tokenisation: From next month, every Indian who does online transactions using a debit or credit card will have to remember their card details every time they make a payment as these rules are going to change from July 1. From this date, the Reserve Bank of India, or RBI, which is in charge of setting banking rules …

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This
2 years, 6 months ago

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This

News 18  

Debit, Credit Card Tokenisation: The Reserve Bank of India or the RBI, being thhe central bank of the country, is in charge of protecting the security of all citizens in India who carry out bank transactions. With an aim to protect the security of customers, the RBI last year issued debit card and credit card tokenisation guidelines whereby merchants were …

RBI new rules on issue of credit cards, debit cards: All you need to know
2 years, 8 months ago

RBI new rules on issue of credit cards, debit cards: All you need to know

Hindustan Times  

The Reserve Bank of India on Thursday announced new rules for the issue of credit cards and debit cards, as well as directions to issuing agencies. these Directions relating to debit cards shall apply to every bank operating in India." Consent for the issue of cards must be explicit; written consent is needed before a credit card can be issued. …

RBI warns bank customers, issues 5-point must-follow advice
2 years, 9 months ago

RBI warns bank customers, issues 5-point must-follow advice

India Today  

The Reserve Bank of India has warned people over a spurt in digital fraud in recent times and asked customers to never share confidential banking information like OTP and CVV, and observe cyber hygiene practices. USER NAME, PASSWORD, CVV, OTP The RBI said "sharing of confidential information by the customers, knowingly or unknowingly, is one of the major causes leading …

Explained | What is tokenisation of debit and credit cards?
2 years, 11 months ago

Explained | What is tokenisation of debit and credit cards?

The Hindu  

The story so far: The Reserve Bank of India on December 23 extended the deadline given to online merchants and financial payments companies for the tokenisation of card data used for online transactions. It wanted to put an end to the practice of online merchants storing the card details of customers, which the Central bank believed could lead to misuse …

New Online Card Payment Rules Delayed To July 2022: Details
2 years, 11 months ago

New Online Card Payment Rules Delayed To July 2022: Details

News 18  

Apps and websites like Amazon, Flipkart, Zomato, and more will not be able to save your card information on their platforms, according to new guidelines from the Reserve Bank of India. In a press release, RBI said that tokenisation of card data shall be done with explicit customer consent requiring additional authentication. Tokenisation helps apps to replace card details with …

RBI defers tokenisation deadline by six months
3 years ago

RBI defers tokenisation deadline by six months

The Hindu  

The Reserve Bank of India has decided to defer the implementation of tokenisation of debit and credit cards for online transactions by a further six months following representations from stakeholders. “The timeline for storing of CoF data is extended by six months till June 30, 2022; post this, such data shall be purged,” the central bank said on Thursday. “In …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

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