The Payments Council of India (PCI), the country’s main body for payment companies, has denied media reports that individuals will have to remember their credit and debit card numbers for online payments starting next year.
In contrary to what has been claimed in some sectors of the media, the Payments Council of India (PCI) has observed that consumers will not have to remember their 16-digit card number for online payments starting in January 2022.
According to the statement, the industry and PCI are collaborating with the Reserve Bank of India (RBI) on the prospective safe card on file solutions that will provide a near-identical user experience for online purchases while improving the security of customers card credentials storage.
The RBI released a notice on March 31, 2020, instructing money transfer providers and participants to implement viable solutions, such as tokenization, to improve the security of the storage of client card credentials, within the framework of the RBI’s relevant standards.
The Reserve Bank of India (RBI) has played a critical role in improving the security of card transactions. For example, improving card security, enacting the AFA requirement in 2009, addressing the danger of data storage or breach beginning in January 2022, and so on.
The PCI Security Standards Council has shared with RBI the concepts that the industry can use to design a protected card-on-file system. In collaboration with RBI, we are developing a path of possible solutions that the sector may use to secure the storage of raw card data. Users would not have to manually enter their card details every time they made an online transaction, according to the alternatives being developed, according to PCI. “The operations will adhere to the security measures, laws, and structures specified by the RBI,” it stated.
The RBI has also acted as a catalyst in the creation and spread of digital payments across the country, advancing the country closer to the objective of a “less-cash society.” It has released guidance and circulars to ensure the smooth operation of payment systems, with a particular focus on access control. The Payments Council of India (PCI) is the country’s political institution for payment businesses.