Economy

Following RBI restrictions, Google announces modifications to automatic payments in India: Here’s what you should do

Google has advised consumers that it would no longer be able to keep customer card details such as card number and expiry date in the present format as of January 1, 2022. Because Google must follow the Reserve Bank of India’s (RBI) requirements for Payment Aggregators (PA) and Payment Gateways, this is the case (PG). Because many users have a card number saved to their Google Work or Google Play accounts to make monthly payments for subscription-based services, the move is important.

The change is due to new card storage restrictions from the Reserve Bank of India (RBI). From January 1, 2022, the Reserve Bank of India (RBI) has mandated that no entity or merchant, excluding card issuers and card networks, hold card details — or card-on-file (CoF). At the same time, it has expanded the tokenization of CoF by card issuers.

“As of January 1, 2022, no organisation in the card transaction or payment chain should hold actual card data other than card issuers and card networks.” The RBI stated in a circular that “any such data already stored will be erased.” Many users have had their monthly recurring payments denied or cancelled as a result of the new conditions.
Many firms have also been confused by the requirements. This could cause new issues for users who had their credit card information saved in order to pay for their Google One membership or their Google Cloud work accounts.

Google, on the other hand, has stated that they can save “card details in a format that complies with RBI requirements and keeps sensitive card details private” with the user’s permission. The following are the steps that users must take to ensure that their card information is not erased.

Read More : Market LIVE: Sensex reaches 58000, but Nifty must remain above 17200 to see more gains

On Google Accounts, here’s how to handle card information.
According to Google, users will have to re-enter their card details and make at least one purchase or manual payment before the end of 2021 in order to continue using the same Visa or Mastercard issued debit or credit card to make payments beyond December 31, 2021.

“If you don’t,” the business stated, “your card will no longer appear in your account, and you’ll have to re-enter your card data to use it again.”

“We won’t save your card information beyond December 31, 2021, as card storage as per the new format isn’t supported for these card networks yet,” the company said for RuPay, American Express, Discover, or Diners Card users. Every time you make a manual payment after January 1, 2022, you must supply card information.”

Tokenisation is the process of replacing actual card details with an alternate code known as a “token,” which is unique for each card, token requestor, and device. By sharing card details such as card numbers and CVV, it minimises the number of scams that occur. The token is used for contactless card transactions, quick response, and code payments at point-of-sale terminals.

PhonePe recently announced the debut of its SafeCard, a tokenisation solution for online debit and credit card transactions, in conformity with RBI requirements. By allowing payment providers to save cards using tokens, PhonePe’s SafeCard will make recurring payments convenient and secure. All major card networks, including Mastercard, Rupay, and Visa, are supported by this solution.

Read More :

The gross GST collection in November was Rs 1,31,526 crore, the second highest ever

Tega Industries’ initial public offering (IPO) begins today – see the issue price, GMP,…

Yamuna Expressway – India’s first electric highway, green corridor will start this year

Related Articles

Back to top button

Adblock Detected

Please close Adblocker