If you thought you would have to log in your card details for every online shopping website, including the likes of Swiggy and Ola from January 1, there is some interim good news. E-commerce companies and other online aggregators that accept card payments online have been given an additional six months before they have to delete all your credit card data from the system.
Last week, the Reserve Bank of India
said that it is extending its deadline for non-bank payment aggregators and merchants to purge card data that they have already stored by an additional six months at the ‘request of industry stakeholders’ who have time and again expressed their inability to meet the December 31, 2021 deadline.
What’s changing?
Currently, when you shop online, all your card data is stored on a merchant website, and the next time you want to purchase a dress from say Myntra, you simply choose the card, enter the CVV and authenticate the transaction with a one-time password.
