Payments Council of India (PCI) has mentioned in a statement that prospects will not have to recall the 16-digit card quantity for on the web payments effective from January 2022, in contrast to what has been reported in particular sections of the media.
The market and PCI are working in alignment with Reserve Bank of India (RBI) on the probable safe card on file options which will make sure a close to comparable client knowledge for on the web purchases while enhancing the safety of the storage of card credentials of prospects, the statement mentioned.
On March 31, 2020, RBI had released a notification, for payment method providers and participants to place in location workable options such as tokenization for enhancing the safety of the storage of customer’s card credentials, inside the framework of the relevant recommendations issued by the RBI.
PCI has shared with RBI the principles that can be adopted by the market for creating such a safe card on file option.
“We are working closely with RBI on charting a roadmap of the possible solutions that could be adopted by the industry for securing the storage of raw card data. Solutions being worked upon, would not require the customers to enter their card number manually every time they make an online purchase” mentioned PCI.
“The solutions will adhere to the security checks and controls and frameworks prescribed by RBI”, it added.
From tightening the safety of card not present transactions by introducing the requirement of AFA in 2009 to tackling the threat linked with information storage/breach efficient Jan 2022, RBI has played a essential function in enhancing the safety of card transactions.
RBI has also played a catalytic function in the development and development of digital payments across the nation thereby progressing towards the target of “less-cash society”. It has set out recommendations and circulars for the efficient functioning of the payment systems with a focus on safety controls.
PCI is the representative body for payment firms in the nation,