Is it necessary to memorise a 16-digit credit or debit card number for online payments beginning in January 2022? Click here to read more

New Delhi: The Payments Council of India (PCI), the country’s representative body for payment companies, has refuted media reports that customers will have to remember their credit card and debit card numbers starting next year for online payments.

In contrast to what has been reported in some sections of the media, PCI stated that customers will no longer be required to remember their 16-digit card number for online payments beginning in January 2022.

In contrast to what has been reported in some sections of the media, PCI stated that customers will no longer be required to remember their 16-digit card number for online payments beginning in January 2022.

“The industry and PCI are working in collaboration with the Reserve Bank of India (RBI) on possible secure card on file solutions that will ensure a near identical customer experience for online purchases while improving the security of customer card credentials storage,” according to a PCI Statement.

On March 31, 2020, the RBI issued a notification requiring payment system providers and participants to implement workable solutions such as tokenization to improve the security of storing customer card credentials within the framework of the RBI’s relevant guidelines. PCI has shared with the RBI the principles that the industry can use to develop such secure card on file solutions.

We are collaborating closely with the RBI to develop a roadmap of potential industry solutions for securing raw card data storage. According to PCI, “solutions under development would not require customers to manually enter their card number every time they make an online purchase.” “The solutions will adhere to the security checks, controls, and frameworks prescribed by the RBI,” the statement continued.

From tightening the security of card not present transactions by requiring AFA in 2009 to addressing the risk associated with data storage/breach in January 2022, the RBI has played a critical role in enhancing the security of card transactions.

The apex monetary institution has also played a catalytic role in the development and growth of digital payments across the country, moving the country closer to the goal of a “less-cash society.” It has established guidelines and circulars for the efficient operation of payment systems, with a focus on security controls. The RBI has published several guidelines on the security of card transactions over the years, as cards are now one of the most widely accepted forms of digital payment.

In 2013, the Payments Council of India was established under the auspices of IAMAI to address the needs of the digital payment industry. The Council was established, among other things, to represent the various regulated non-banking payment industry players and to address and help resolve various industry level issues and barriers that necessitate discussion and action.

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