A big hit to credit cards/debit cards is on its way as the RBI's new guidelines on data storage policy may make card transactions a slow and complex process.
The central bank may soon prevent payment aggregators and digital merchants like Amazon, Flipkart and Netflix from storing the information of a customer’s card.
Customers, while making a card payment, will also require to put in their 16 digit card number. However, currently, they only have to put the CVV or OTP to make a transaction.
This would result in more people switching to the UPI mode of payment which is already seeing a lot of traction due to its convenience and promptness.
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The only way to make card transactions quick would be to memorise the numbers, which might not be as easy as it sounds for everyone.