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Gone are the days of shopping with one click

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Are you also fond of shopping on e-commerce websites and apps with just one click? It is possible that this fast and convenient shopping experience may come in the way. According to an RBI order from January 2022, services that accept you payments over the Internet will no longer be able to store your credit card and debit card information with them. This means that every time you buy something or pay for a service, you will have to type your full card number, expiry date and CVV number. Sounds uncomfortable, doesn’t it? You must be wondering why RBI did this. The central bank says that this has been done for your own safety. Actually, these guidelines have been issued for such payment aggregators, with the help of which e-commerce companies take payment from you. How Fraud Happens Till now, these aggregators used to give the option to customers that if they want, they can store their card number in the website or app so that the next time they make a payment, they do not have to type the card’s multiple digit number. Fallen. Just had to type the expiry date and CVV number of the card.

But RBI has found storing card numbers dangerous for customers. According to the central bank, incidents of fraud with customers using stored card numbers are increasing. Data thieves can steal your credit card number and other information through a variety of viruses. Rather, there is a complete illegal market for such stolen data on the dark web. Apart from this, hackers hack the databases of companies and get them illegally. This database contains personal information of customers and all the information about their cards, which hackers sell. In the last few years, cases of such attacks on companies and theft of data from them have increased significantly.

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In April 2021, data of 110 million people using mobile wallet and payment app MobiKwik was reported to have been stolen and available for purchase on the dark web. Such attacks have increased since the start of the pandemic. So what is the solution Well insurance is also available on many types of cards in India. If someone gets cheated related to the card, then he can file an FIR and claim for the amount fixed under the insurance. It is the responsibility of the card issuing bank to give this amount. But it is possible that due to increasing incidents of frauds and data leaks, RBI is now trying to chalk out this system. According to the central bank a new solution to this problem is the token system. Under this, the card companies will give a token linked to each card to the e-commerce companies.

Payment will be done through this token. It is considered more secure because no one can see the customer’s card number. UPI, which is widely used for payment nowadays, is also a kind of token. In this also no card number or account number is visible. There is just one identification number which is linked to the bank account. It is likely that with the implementation of the new rule, UPI will get a boost.

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