According to recent reports, the Reserve Bank of India (RBI) is bringing in a new set of guidelines that is going to change the process of online payments in the country. The new guidelines from RBI will now prohibit payment gateways and online merchants from saving or storing customers’ card details. Consequently, the customers who use cards to make payments will now have to either remember the sixteen-digit card number or carry it with them. The reports suggest that the guidelines were previously scheduled to come into effect from July of 2021 but now are set to begin implementation from January 1, 2022.
All About New Guidelines
The new guideline issued is definitely going to hinder the user experience and the whole idea of digital advancement. Earlier, most of the banks were against the guidelines, which resulted in the plan not being implemented during the month of July. RBI issued a circular on Tuesday in which it allowed an extension of the time period until December 31, 2021, for implementation of the said guidelines.
