InvestorQ : What are the new SOPs for online shopping issued by RBI?
Ira Shah made post

What are the new SOPs for online shopping issued by RBI?

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1 year ago
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If you are someone who makes most payments online, then yes you need to pay attention. Soon to make payment with credit or debit cards you will require to enter the 16-digit card number along with your CVV number.

RBI has taken these steps to prevent customers from online fraud. This will also put under the radar the big Tech companies that store the debit-credit card data of the customers. After the application of new RBI rules, such companies will not be able to save the debit-credit card data of customers on their servers.

Now, the customers will have to enter the details of their debit or credit card while making an online payment. So, from now on, just the CVV number will not work. Without this, you cannot proceed with the transaction. This will create extra security for the customer and refrain companies from storing consumer data. These new rules would be applicable from January 2022 next year.
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