Indian online merchants cannot store credit card information from 2022

Post by sidm83 » Fri, Dec 17, 2021, 9:58 AM UTC

sudhirj wrote: post #20

blueblisters wrote: post #15

Is the RBI deliberately trying to handicap credit cards in India? The decision to make recurring payments impossible, followed by having to enter card information every time I do an online transaction is making for a very frustrating experience. The justification for these decisions is always "consumer interest" but how is making consumers jump through hoops to do transact online in consumer interest? I wish the indu…

So the order doesn’t prohibit tokenizing or saving cards, it specifies who can save them. Earlier, merchants could save the details, and this ability leads to massive amounts of fraud and theft (see US right now). Then only regulated payment aggregators could save them, and issue a token to the merchants. Stealing the token wasn’t too helpful because you couldn’t grab the money, the token was tied to the merchant. Bu…

Post by kranner » Fri, Dec 17, 2021, 10:16 AM UTC

paxys wrote: post #31

blueblisters wrote: post #15

Is the RBI deliberately trying to handicap credit cards in India? The decision to make recurring payments impossible, followed by having to enter card information every time I do an online transaction is making for a very frustrating experience. The justification for these decisions is always "consumer interest" but how is making consumers jump through hoops to do transact online in consumer interest? I wish the indu…

If you'd bother to read the article (or heck the first two lines of the article) you'll see that this rule does not mean you'll have to re-enter your credit card info on every order.

Post by kranner » Fri, Dec 17, 2021, 10:23 AM UTC

spikengineer wrote: post #60

niyaven wrote: post #55

Disclosure: I work for a fintech in India, specialized in card payment. It seems here people see this rule as "merchants can't store card numbers any more". This is actually a lot more than that, this is the new rule: you cannot store card numbers for recurring payment. Even if you are PCI-DSS compliant. Even if you are audited by the RBI. Even if you're sponsored by a bank. The only way to store a Visa number is to…

I don't agree with your interpretation on this being a stealth tactic but even if this was one it's just the state institutions acting in the interest of their mandate. This might not be beneficial to you employer or Visa or MasterCard or few high flying credit card users of the super rich class but it is in the interest of the people. If they think it's time to move beyond cards due to the strategic overdependence o…

Post by unbanned » Fri, Dec 17, 2021, 10:30 AM UTC

neya wrote: post #19

This is actually a good thing. Think of it like Apple's email masking service - Merchants can only store a tokenized version of your credit card instead of the real card details. I say this is a good thing after having worked with many E-Commerce shops in India as a consultant. Most of them barely know a thing about security, let alone about PCI DSS compliance. I have worked with shops that stored the entire credit c…

Post by neya » Fri, Dec 17, 2021, 10:32 AM UTC

unbanned wrote: post #67

neya wrote: post #19

This is actually a good thing. Think of it like Apple's email masking service - Merchants can only store a tokenized version of your credit card instead of the real card details. I say this is a good thing after having worked with many E-Commerce shops in India as a consultant. Most of them barely know a thing about security, let alone about PCI DSS compliance. I have worked with shops that stored the entire credit c…

And yet people still think hiring Indian software and IT engineers is a good idea. This is not a racist thing. So don't disagree because it hurts someone else's assumed feelings. There is a significant gap in that sort of knowledge there.