INSUBCONTINENT EXCLUSIVE:
The brand-new guidelines are most likely to begin from January of 2022, according to media reportsIf the RBI has its method, the CVV number
alone may not suffice to carry out online transactions
The reserve bank is planning to make it necessary for clients to go into all their card details i.e
name, 16-digit card number and expiration date, and CVV for every single online payment, in an attempt to protect the card details
The brand-new regulations are most likely to begin from January of 2022, according to media reports.The revised guidelines will indicate
that everytime one buys on Amazon and Flipkart, pays through Paytm and Google Pay, or renews subscription on Netflix, the details will need
to be typed anew.Adding information for every single deal might be a laborious process, especially for those owning more than one card
However by avoiding payment aggregators such as Google Pay and PayTM, and e-commerce websites such as Amazon and Flipkart from storing
customers' card details on their servers and databases, the brand-new guidelines will make sure customer safety and data security.E-commerce
merchant websites and payment gateways currently save client information on their servers and utilize the kept details to verify and approve
deals, with CVV (card verification worth) and a one-time password (OTP) being the only requirements.A CVV number or a card verification
worth is a 3-digit code on the back of a credit or a debit card, whereas a 16-digit number is the card of the card concerned and is printed
