<p>The Reserve Bank of India (RBI) will soon release new rules to moderate online payments in India via the Digital Payment Security Controls Directions, 2020, to ensure customers’ safety in the digital payment space.</p>.<p>“The RBI proposes to issue the RBI (Digital Payment Security Control) Directions, 2020 to set up a robust governance structure for such systems and implement common minimum standards of security controls for channels like internet, mobile banking, card payments, and others,” according to <a href="https://www.deccanherald.com/business/economy-business/rbi-to-bring-digital-payment-security-control-directions-shaktikanta-das-923219.html">RBI’s official statement</a>.</p>.<p>The RBI has especially shown concern over the safety of digital payments in the past week as it took unprecedented action and <a href="https://www.deccanherald.com/business/hdfc-digital-payments-suffer-mass-outage-restored-918548.html">asked HDFC Bank</a> to stop issuing new credit cards and launching new digital business initiatives because of the repeated instances of service outages over the last two years.</p>.<p>The digital banking app YONO of SBI also faced service outage on Thursday for the second time in a week.</p>.<p>The RBI deems oversight necessary as online payments in India touch all-time highs via lenders’ mobile banking services and cards, UPI payments and mobile wallets like Paytm and PhonePe. </p>.<p>Between 2015-16 and 2019-20, <a href="https://www.deccanherald.com/national/digital-payments-soar-manifold-in-5-years-to-fy20-rbi-900436.html">digital payments</a> grew at a compounded annual growth rate of 55.1 per cent. The value has grown from Rs 920.38 lakh crore to Rs 1,623.05 lakh crore in absolute terms during this period.</p>.<p><strong>How does this affect you as a consumer? </strong></p>.<p>There will be no changes in how customers use online payment apps and websites at this time. Presently, there are no new authentication methods or security protocols added to the UPI apps, mobile wallets, debit, or credit card payments.</p>.<p>The RBI has said under the Statement on Developmental and Regulatory Policies that it will relax some extra authentication steps on the usage of credit card transactions. The cap for the contactless payment method has now been increased to Rs 5,000 at physical stores, from the earlier limit of Rs 2,000.</p>
<p>The Reserve Bank of India (RBI) will soon release new rules to moderate online payments in India via the Digital Payment Security Controls Directions, 2020, to ensure customers’ safety in the digital payment space.</p>.<p>“The RBI proposes to issue the RBI (Digital Payment Security Control) Directions, 2020 to set up a robust governance structure for such systems and implement common minimum standards of security controls for channels like internet, mobile banking, card payments, and others,” according to <a href="https://www.deccanherald.com/business/economy-business/rbi-to-bring-digital-payment-security-control-directions-shaktikanta-das-923219.html">RBI’s official statement</a>.</p>.<p>The RBI has especially shown concern over the safety of digital payments in the past week as it took unprecedented action and <a href="https://www.deccanherald.com/business/hdfc-digital-payments-suffer-mass-outage-restored-918548.html">asked HDFC Bank</a> to stop issuing new credit cards and launching new digital business initiatives because of the repeated instances of service outages over the last two years.</p>.<p>The digital banking app YONO of SBI also faced service outage on Thursday for the second time in a week.</p>.<p>The RBI deems oversight necessary as online payments in India touch all-time highs via lenders’ mobile banking services and cards, UPI payments and mobile wallets like Paytm and PhonePe. </p>.<p>Between 2015-16 and 2019-20, <a href="https://www.deccanherald.com/national/digital-payments-soar-manifold-in-5-years-to-fy20-rbi-900436.html">digital payments</a> grew at a compounded annual growth rate of 55.1 per cent. The value has grown from Rs 920.38 lakh crore to Rs 1,623.05 lakh crore in absolute terms during this period.</p>.<p><strong>How does this affect you as a consumer? </strong></p>.<p>There will be no changes in how customers use online payment apps and websites at this time. Presently, there are no new authentication methods or security protocols added to the UPI apps, mobile wallets, debit, or credit card payments.</p>.<p>The RBI has said under the Statement on Developmental and Regulatory Policies that it will relax some extra authentication steps on the usage of credit card transactions. The cap for the contactless payment method has now been increased to Rs 5,000 at physical stores, from the earlier limit of Rs 2,000.</p>
