In an attempt to secure card information, the central bank plans to make it essential for users to input all of their card details, including name, 16-digit card number, expiration date, and CVV, for every online payment. According to media reports, the new restrictions are expected to take effect in January 2022.
The new laws will safeguard customer safety and data security by prohibiting Google Pay and PayTM, as well as Amazon and Flipkart, from retaining customers’ card information. The new regulations are likely to kick in in January of 2022, according to media reports.
The new restrictions will require users to put in their information each time they make a purchase on Amazon or Flipkart, pay using Paytm or Google Pay, or renew their Netflix subscription.
Adding transaction information for each transaction can be time-consuming, especially if you have multiple cards. However, the new guidelines will safeguard customer safety and data security by prohibiting payment aggregators like Google Pay and PayTM, as well as e-commerce companies like Amazon and Flipkart, from storing customers’ card information on their servers and databases.
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