Need to memorize your next year’s debit, credit, CVV card number?
Refuting reports that customers will have to remember their credit and debit card numbers, the Payments Council of India (PCI), the representative body of payment companies in the country, said the claims were false and that it was not necessary to memorize the numbers. .
The clarification comes after several news articles claimed that starting next year, people will need to memorize their 16-digit card numbers for online payments.
“Industry and PCI are working in alignment with the Reserve Bank of India (RBI) on possible secure card-to-file solutions that will ensure a nearly similar customer experience for online purchases while improving the security of information storage. ‘customer card identification,’ said a statement from the PCI reading.
In March 2020, the RBI asked payment system providers to come up with viable solutions to improve the security of storing customer card identifiers under relevant guidelines issued by it. In accordance with this, PCI shared the principles that the industry can adopt to develop such a secure card-to-file solution with RBI.
“We are working closely with RBI on developing a roadmap of possible solutions that could be adopted by the industry to secure the storage of raw card data. The solutions being developed would not require customers to manually enter their card number every time they make an online purchase, ”explains PCI. “The solutions will adhere to the security checks and controls and frameworks prescribed by RBI,” the PCI statement added.
According to reports, new guidelines proposed by the RBI prevent payment aggregators and merchants like Amazon, Flipkart, and Netflix from storing credit or debit card information used by the customer on their servers or databases. The new guidelines essentially mean that customers with debit or credit cards will now need to enter their 16-digit card number to make a payment.
Typically, the ecommerce model works on data stored by businesses that use it to market new items to customer demographics based on the information they have. Once the guidelines are implemented, it will become difficult for these sites to target their audience and reduce their reach.