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New rules for credit and debit card payments

New rules for credit and debit card payments

New rules for credit and debit card payments

The Reserve Bank of India (RBI) has imposed some new rules to make online payments safer. Thereby the RBI has asked all merchants to remove the sensitive data of the paying customers and carry out the cash transaction scheme with encrypted token instead. The new rule is said to come into effect from January 1, 2022.

Consequently all the banks are informing their customers about the new changes. Your data stored on the Merchant website / mobile app will be deleted by Merchant as per RBI order. Last week HDFC sent an SMS to their customers asking them to record the full details of your card or tokenization every time you make a payment.

According to a guideline issued by the RBI in March 2020, merchants are required to remove registered customer details from the site. It has also given the option to tokenize by the end of this year as per the guideline newly released in September this year.

The Reserve Bank of India (RBI) has also ordered companies in India to delete their credit and debit card holding information’s from January 1, 2022.

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