RBI’s new guidelines enable safer digital transactions | Fusion - WeRIndia

RBI’s new guidelines enable safer digital transactions

RBI’s new guidelines enable safer digital transactions

To control the risk of frauds involved in online transactions and to promote safer digital transactions, Reserve Bank of India (RBI) issued a notification on new guidelines for payment gateways and payment aggregators.

The new guidelines are mentioned as follows:

  • With the new guidelines, the ATM PIN option will not be available to validate an online transaction. So far, payment aggregators have the option of ATM PIN to validate or complete an online transaction. But, it will not be available with the new guidelines. Hence, the PIN will not be revealed to payment gateways, aggregators or any others. Transactions of more than ₹2,000 will be verified mandatorily using OTP received on your registered mobile number or e-mail.
  • Most e-commerce platforms are crediting refunds into the e-wallet account that are established on their own platform in the existing regime. But with the new guidelines of RBI, this will not be possible. The refunds should have to be credited back to the original payment source unless the customers agree to credit in some alternate account. This helps non-blocking of money in any wallets.
  • Customers’ grievances will be addressed more effectively now. Payment aggregators have been directed to appoint a nodal officer to address the grievances of the customers. Customer grievance redressal and dispute management framework shall be kept by the aggregators. Complaint facility should be easily accessible to customers on website and mobile.
  • Background screening of merchants is essential. Payment aggregators shall confirm that merchants do not have the intention of cheating customers or engage in selling counterfeit or fake products. The merchant website shall have clear terms and conditions related to service, refunds and returns.

Image Credit: ITU Pictures / CC BY 2.0

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