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Digital payment industry to grow at rapid pace, but nimble tech is an issue, says Mintoak CEO Raman Khanduja

Digital payment industry to grow at rapid pace, but nimble tech is an issue, says Mintoak CEO Raman Khanduja
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RBI rejects demand of online merchants to store customers credit card data

RBI rejects demand of online merchants to store customers credit card data SECTIONS Share Synopsis The regulator is of the view that merchants storing credit card data would cause cyber security risks to the consumer and they do not have any locus standi as these norms pertain to payment aggregators and gateways, said an official in the know. Agencies The new RBI guidelines bar merchants from storing “customer card and related data on their servers. The Reserve Bank of India has rejected demands of top merchants like Amazon, Microsoft, Netflix, Flipkart and Zomato to store customers credit card data under the new payment aggregators and payment gateway (PA/PG) norms enforceable from July 2021, three people aware of the development said. Merchants had sought a meeting with the regulator claiming that they haven’t been adequately represented, which was also shot down by the regulator.

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