Know what big steps RBI takes to secure digital payment?
Friday - March 20, 2020 4:23 pm ,
Category : WTN SPECIAL
Reserve Bank issues major guidelines in the interest of customers
Now, OTP to be required for digital payment of more than Rs 2,000
MARCH 20 (WTN) - If you make digital payments, then the Reserve Bank of India has issued new instructions to protect your digital payments. The Reserve Bank claims that once the new instructions are properly followed, the accounts of the users who paid in a digital manner will be even more secure than before. After reading all this, you must be thinking that after all what are the instructions that the Reserve Bank has issued, and with the help of those instructions, the bank accounts of the users will be more secure than before. So all about that, we tell you in detail.
Actually, now users have to use an OTP to make digital payments. According to the new instructions of the Reserve Bank of India (RBI), for payment of more than Rs 2,000, customers will now be able to use only OTP for the verification. Due to this, all the payment aggregators in the country, now, they will not be able to ask the ATM PIN from the customers to complete the payment of online transactions. For your information, let us know that these guidelines have been issued by the Reserve Bank for payment aggregators and payment gateway companies.
The objective behind this whole exercise is that by doing this, making digital payments will become even more secure and convenient for the customers. The Reserve Bank claims that doing so will help reduce the risk of fraud in digital payments, and in doing so, will help protect customers' financial data. Actually, now, the ATM PIN of the paying customer, while making the payment, will not be available online to the aggregator, payment gateway, or the hacker. So it is natural that the customer's digital payment will be safe.
Not only this, but the Reserve Bank also taking a big decision in the interest of the customers, issued instructions that now the aggregators have to ensure that they will refund all the refunds back to the original source of payment. This is especially so when a customer does not specifically agree to credit an alternative source. In fact, right now, many e-commerce companies either inevitably or by default credit refunds to customers' e-wallets, and as such, customers are not able to get the money back in their bank account. For your information, let us know that e-commerce companies do not credit refunds to the customer's bank account or credit card, etc. from where the original payment is made. In the absence of this, the customer is able to use this amount only on the platform of that e-commerce company.
Not only this, but the Reserve Bank has also instructed the payment aggregators to conduct a merchant background check. As per the Reserve Bank notification, the payment aggregator will examine the merchant's background to ensure that such merchants have no intention of cheating customers. Not only this, but the conditions of service and deadline for processing returns and refunds must be clearly mentioned on the merchant's website also. It can be said that due to these guidelines of the Reserve Bank, customers' bank accounts will now be even more secure than before.
MARCH 20 (WTN) - If you make digital payments, then the Reserve Bank of India has issued new instructions to protect your digital payments. The Reserve Bank claims that once the new instructions are properly followed, the accounts of the users who paid in a digital manner will be even more secure than before. After reading all this, you must be thinking that after all what are the instructions that the Reserve Bank has issued, and with the help of those instructions, the bank accounts of the users will be more secure than before. So all about that, we tell you in detail.
Actually, now users have to use an OTP to make digital payments. According to the new instructions of the Reserve Bank of India (RBI), for payment of more than Rs 2,000, customers will now be able to use only OTP for the verification. Due to this, all the payment aggregators in the country, now, they will not be able to ask the ATM PIN from the customers to complete the payment of online transactions. For your information, let us know that these guidelines have been issued by the Reserve Bank for payment aggregators and payment gateway companies.
The objective behind this whole exercise is that by doing this, making digital payments will become even more secure and convenient for the customers. The Reserve Bank claims that doing so will help reduce the risk of fraud in digital payments, and in doing so, will help protect customers' financial data. Actually, now, the ATM PIN of the paying customer, while making the payment, will not be available online to the aggregator, payment gateway, or the hacker. So it is natural that the customer's digital payment will be safe.
Not only this, but the Reserve Bank also taking a big decision in the interest of the customers, issued instructions that now the aggregators have to ensure that they will refund all the refunds back to the original source of payment. This is especially so when a customer does not specifically agree to credit an alternative source. In fact, right now, many e-commerce companies either inevitably or by default credit refunds to customers' e-wallets, and as such, customers are not able to get the money back in their bank account. For your information, let us know that e-commerce companies do not credit refunds to the customer's bank account or credit card, etc. from where the original payment is made. In the absence of this, the customer is able to use this amount only on the platform of that e-commerce company.
Not only this, but the Reserve Bank has also instructed the payment aggregators to conduct a merchant background check. As per the Reserve Bank notification, the payment aggregator will examine the merchant's background to ensure that such merchants have no intention of cheating customers. Not only this, but the conditions of service and deadline for processing returns and refunds must be clearly mentioned on the merchant's website also. It can be said that due to these guidelines of the Reserve Bank, customers' bank accounts will now be even more secure than before.
