The recent amendments by the Reserve Bank of India (RBI) to the guidelines on debit and credit card issuances will boost customers’ data privacy. According to the directives, co-branded partners will have to display the data to the customer without storing them. They won’t have access to customer data as it will be transmitted in the encrypted form. Earlier, there were no clear restrictions for co-branded partners regarding storage of customer data. “Data will be transmitted in the encrypted form and can be seen only by users.
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Data will be displayed through APIs (application programming interface) on the co-branded platform without permitting them to store the same,” Avinash Godkhind, MD & CEO of Zaggle. The new rules will be effecting the Credit Card issuance by many FinTech’s like FI, OneCard and banks like Federal bank, SIB etc.