Some rules for making online card payments are going to change very soon. After changing these rules, you will have to provide your debit or credit card details for all online transactions. Yes, only after doing this you will be able to do any card transaction.
Online payment is as easy as it is dangerous, because cybercrime has increased a lot in the present time. The incidents of cyber crime are increasing, on which RBI is strict to check it. RBI had ordered all banks and payment aggregators a few days ago that customers will have to provide card details every time they
make an online transaction, only after which they will be able to make online purchases or online payments. According to the new order of RBI, now no payment aggregators, gateways and merchants will store credit card and debit card details of customers from July 1.
Details to be given for every transaction
This rule has created a lot of trouble for payment aggregators and merchants, as this rule is going to come into force very soon and its alternative system is not ready and there is not much hope of being ready by July 1. Currently, payment aggregators, payment gateways and merchants store customer card details on their platforms.
With this, every time the customer does not need to enter his card details at the time of transaction, but after the new rule comes into force, customers will have to give the card details every time the transaction is done.
These details have to be given
Let us tell you that till now payment aggregators, payment gateways and merchants used to store customer’s card details on their platform, but from July 1, on every purchase, you will get your card’s 16 digit number, expiry date and card verification value (CVV).
Will have to put It is expected that after the implementation of this rule, fraud will be reduced to some extent. RBI has already extended the deadline for implementing this rule twice. The last time it extended this deadline for 6 months on 23 December.
Apple will not accept card payment
The giant Apple India told Indian customers a few days ago that it will not accept credit card and debit card payments. Apple has advised customers to use NetBanking, UPI or Apple ID balance for payment.
