If the guidelines by RBI are revised by January 2022, every person will have to memorise even the 16-digit card number which is actually a difficult task.
The request made by payment gateway companies has been rejected by RBI. Let us see what request they had!!
Can anyone memorise the debit or credit card numbers including the CVV and the expiry date? Well this is not possible as almost every person has more than one card and memorizing the 16-digit card number seems quite an impossible task.
But the Reserve Bank of India wants every person to memorise all their card details. RBI says that if the guidelines are to be revised by January 2022, every person would be required to punch in all the details of their cards which include the 16-digit card number, CVV and the expiry date. RBI has rejected the proposal of payment gateway companies and has discussed this unique way of transactions.
What was the request of payment gateway companies? The payment aggregators, e-commerce websites, and online merchandise like Flipkart, Amazon, Google Pay, PayTM, Netflix etc. wanted to store the credit/debit card information of the consumers, but the revised regulation will prevent them from doing so. The bank acts an extremely important liaison between the consumers and the aggregators.
This guideline when implemented will prevent the payment gateways from storing the card information of the consumers but the consumers would actually be required to punch in every details every time they make a transaction. This would also secure the card information and make sure that no such information is being stored on their systems. This would also prevent any further frauds and financial thefts.
It is but obvious that this system of memorizing the info will become a difficult task for the consumer so the best way is to keep the card handy and fill in details by looking at it every time. It is time consuming but it will keep your account safe from fraud.