Do you need to Memorize your Debit, Credit Card Number?
The Payments Council of india (PCI), the nation's professional body for payment businesses, has denied rumors that customers will have to recall their credit and debit card numbers, claiming that the accusations are untrue and that there is no need to recall the information. The statement follows various news reports claiming that individuals will have to memorize their 16-digit card numbers for internet payments starting next year.
Regarding this, a statement has been issued which reads as "The industry and PCI are collaborating with the reserve bank of india (RBI) on the potential secure card on file solutions that will provide a near-identical user experience for online purchases while improving the security of customer card information retention.
We are also collaborating closely with RBI to develop a roadmap of potential solutions for the industry to secure the storage of raw card data and customers would not have to manually enter their card number every time they made an online purchase, thanks to the solutions being developed." According to sources, new RBI guidelines prohibit payment aggregates and retailers such as Snapdeal, Prime Video, and flipkart from retaining credit or debit card details on their platforms or registries. customers using debit or credit cards will now be required to punch in their 16-digit card number in order to make a payment under the new standards.