T O P
fraudmallu1

What happens to annual recurring payments from my bank to pay my insurance? Is this transaction going to be affected? If so, how do I solve it ?


asseesh

Recurring payments have already been moved to new system so that should not affect.


fraudmallu1

Ok thank you!


asseesh

Merchants like Zomato, Swiggy, Flipkart, Amazon have already implemented it last time this deadline was pushed. Other payment processors already got enough time to implement it so I don't see how Apple or Uber can't implement this. This is step in right direction in terms of privacy without changing the user experience.


arjrah94

For apple and uber, it's just not worth the effort for the miniscule Indian transactions compared to their global volumes.


asseesh

Totally agree. They can easily implement UPI and wallets for this.


tb9551

I see swiggy and several other's already has this in place. Good move on their part. Privacy is lax here and my cc details not being saved anywhere is certainly good.


rupeeinvestor

There is an implicit assumption from RBI that merchants are slow to move unless forced. Doing regulations now and implementing later and pushing the deadline initiate the required change. It will b ironed out in the long run.


[deleted]

There are other ways of doing it such as penalties..Rushing in this manner only means the customer bears the cost of the merchant's non compliance.


Immediate-Winner-556

Seriously what cost? The trouble of getting off social media and adding the card again? Edit: I dunno if OP is also some paid media but this is just trying to create an issue out of nothing. All the points are also purely theoretical and are practically easily solved. UPI also had this same attitude by people like OP when it was introduced. But now see where we are.


[deleted]

I think that when you've spent more than 2 weeks on reddit you may find that every person who disagrees with you is not "paid" to do so.


Immediate-Winner-556

I said the paid comment since you're points are very theoretical and the solution is a maximum 5 minutes away. I felt like I was reading an article with an agenda to move public opinion towards an issue that is easily solvable and actually has way better benefits for public in the long term. But I see that you're the kind who goes and looks into profile history and stuff, the sad kind of redditor. I've been here a very long time, so maybe keep in mind that reddit is anonymous and "practically" anyone can open any number of accounts any time.


tibbity

What cost? What nonsense is this in a serious sub such as this.


notWallhugger

Why would you have a recurring payment to uber? The usual OTP generation flow works fine on all sites for immediate payments. I actually liked rbi doing this, lot of apps abuse credit cards and have a free week "subscription" that starts charging monthly if the user forgets to cancel. Rather pay for everything upfront


otaku2297

Lol as if people don't remember the mad rush when GDPR was implemented.That was truly a nightmare this shit is trivial.


revhuman

Some of these articles listed are paid articles without any product promotion, so the question is who is paying to talk about the "widespread anxiety" regarding tokenization? (Not taking a dig at OP but at the news sources) Any step taken towards data privacy is (initially) a step taken away from convenience. Most services that use and store your data do it in the name of convenience, while they also use that data to earn more money out of you.


[deleted]

Which articles are paid according to you, and by whom?


revhuman

The first theprint article is part of their ValueAD initiative. (Check the footer of that article where they explain how it works.) The other is an opinion piece.


Immediate-Winner-556

Nice catch!


Stunning_Bullfrog_40

>Uber has already said it won't honor India-issued cards outside in India. wtf. you have a source on this?


[deleted]

Why did you ignore the "for now" part? It's temporary. https://www.uber.com/en-IN/blog/network-tokenisation/ This was explained and linked in the medianama article included in my post above.


marunthu1

this page doesnt exists. provide the correct url


Mindgrinder1

Tokenization is very difficult, we tried doing it for some other purpose a long time ago, didn't work. Lets see how RBI implements it


asseesh

> Lets see how RBI implements it A lot of merchants and payment processors have already implemented it and it works fine.


Immediate-Winner-556

Sush man, let OP live out his wildest fears. He seems to be a profile sniffing clown anyways


ahivarn

We did it recently, much better and easier than expected. What exactly were the issues you faced?


Mindgrinder1

Our model was different we were not doing it for this, it was more from rewards distribution and offers. We ran into a problem of a fuzzy logic on volume transaction and user identification....this is different


Set1Less

We use google cloud + workspaces + adwords and the mess and disruptions caused by RBI in the last 1 year is just insane. First automatic payment limits were capped at Rs 5000 last year. We easily bill over Rs 50,000 every month based on usage, and this entailed making multiple separate payments every week just to use these services which were vital for our business especially post covid era. Like, even with all verifications, you couldnt increase the Rs 5000 limit. Then some cards were not supported/removed from the payment options available to us irrespective of the fact that these are cards issued by top banks of India (ICICI/HDFC cards). Then, autopay billers registered with HDFC autopay were rendered incompatible due to yet another change forced by RBI. These are literally basic payments like telephone bills, electricity bills etc that are automatically paid from a current account registered with HDFC. On recommendation of our Google relationship manager, we recently closed our India billed google account and moved to new google billing account on a card provided by our US bank. Think about this - one of the largest tech companies in the world is asking clients to move to the US banking system because of the disruptions in domestic payment methods. Utterly insane. The level of tomfoolery in payments being done by RBI is just incredible. A bunch of clueless babus sitting on their desk jobs think they have to interfere in every aspect of payments. Same energy where the foreign investments are arbitrarily capped at $7 BN by RBI, which simply makes no logical sense. People are now moving much more outside india via LRS than before because mutual funds cannot invest more than $7 BN in foreign equities but an individual is free to invest upto $250k every year abroad.


Insegnia

RBI should ask foreign private company about India's policy ! Difference between EU, China , Russia and India . Heading to become salves again . Your company doesnt make such natak in EU or Australia.


not_so_busy

So the apps like Swiggy , Zomato , Amazon etc won’t be able to store our card details anymore and we’ll have to type in the card details every time we place an order ?


asseesh

No. They can't save your card number on their database. When you 'save' the card, issuing bank will generate encrypted token which will be saved on their database. This way merchant will never know your actual card details but will send that token to bank and they will verify it at their end. Amazon, swiggy, zomato have already implemented it. If you save the card on these merchants they will ask your permission to securely save the card and show the tag "secured" next time you do the payment. This is non issue to be honest and step in right direction coz there has been data leak in past and this prevents that.


not_so_busy

Thanks for explaining mate


Up-In-Arms

This is a great solution, some secured email sites(like Proton Mail) that take your email for verification use the same approach they store a hash of your email, and when you reenter your email, the hash are matched to confirm identity


Stunning_Bullfrog_40

Pretty much very single medium-large company except Apple has implemented tokenization. The buffoons over at Apple India probably don't wanna put any effort into this. My own personal conspiracy theory is that they're penny pinching because of the 2-3% card processing fees, but it doesn't entirely make sense because the volume of people paying for apps in India is extremely low. Who knows why they're being a PITA for consumers.


Immediate-Winner-556

They've always been slow at everything related to India. Even UPI took years to come to the app Store whereas the play Store had it in no time


[deleted]

No, you can opt in for tokenization one time.


ToonWrecker69

Can someone explain me what are these tokens


asseesh

Earlier when you save your card details - number, expiry, etc they are saved by Merchants like Amazon or zomato as it is. So next time when you make a purchase again, you just enter CVV but rest of details are fetched from their database. Going forward, RBI doesn't want any other entity other than issuing bank to know or save your card details. So now when you save a card with merchant, issuing bank will issue encrypted token, its just random set of alpha numeric code generated by encryption algorithm. Next time when you make a purchase again, merchant will send this token to bank for verification instead of your actual card details. For user, this doesn't change anything. You will not notice a thing but its big step in data protection and how merchants can save your payment data.


throwaway_batman_

Nice explanation! I wish this tokenisation system were implemented earlier. I still remember seeing my leaked Mobikwik data in Dark Web mentioning first and last 4 digits of debit card in CLEAR TEXT.


ArronAdler

Any idea how will this affect apps like ET money and international transactions?


asseesh

> international transactions If merchant processing your transaction is not indian, for example Amazon US, it doesn't matter as this regulation apply to indian merchants only.


ToonWrecker69

I see so the merchants will notice the change. thanx for the info


CharlieBitMeMf

Gonna use wallets now