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Customers will have to enter the details afresh for each transaction from July 1 Starting July 1, payment aggregators and gateways and merchants onboarded by them will not be allowed to store credit and debit card data of customers on their platforms, as directed by the Reserve Bank of India. With a little over a month left, merchants are worried that an alternative system may not be ready in time. Payment aggregators, payment gateways and merchants can store card credentials of customers in their databases only until June 30, a deadline that has already been extended twice, most recently by six months on December 23. In the absence of an alternative mechanism, customers using their credit or debit cards from July 1 will have to enter the details afresh for each transaction, including the 16-digit card number, expiry date and card verification value (CVV). Payment companies and card networks Visa, Mastercard and RuPay are working to implement the alternative – Card on File … [Read more...] about Payment disruption fears linger as deadline nears for merchants to delete customer card data

Representative image In what could be a major blow to Apple's subscriptions, the company has stopped accepting debit and credit cards for payments on its platforms in India as the June 30 deadline set by the Reserve Bank of India (RBI) for all merchants to stop saving card data of customers draws closer. Customers can now only use NetBanking, Unified Payments Interface (UPI) and their Apple ID balance to make payments, Apple said in an email to customers which was viewed by Moneycontrol. "In light of upcoming Reserve Bank of India regulations, starting June 1, credit and debit cards can no longer be used for purchases or subscriptions on the App Store or other Apple services. Apple will no longer store card information on file — protecting your payment method is our top priority," the mail read. The mail further added that customers' subscriptions will continue only of they have sufficient balance in their Apple wallets. "Your subscriptions will continue as long as you … [Read more...] about Apple stops card payments in India ahead of RBI deadline to delete customer card data

As the cost of cybercrime balloons in the U.S., a number of startups have emerged to help small businesses detect fraud before it happens. Stripe , the San Francisco payments processor recently valued at $5 billion, is now offering its own cybersecurity program to small-business customers. On Wednesday, the company announced a suite of new tools to help startups detect and prevent fraudulent transactions. Dubbed "Radar," the new offering uses machine learning to examine the hundreds of thousands of businesses processing transactions on Stripe every second. By looking at purchasing patterns--and better spotting irregularities--the new tools will help bolster defenses and curb fraud, the company claims. Stripe also says it receives signals from its financial partners, including credit card companies, to determine when a transaction seems suspect. "We've been thinking about this problem for a long time," says John Collison, Stripe's co-founder and president. "We have this … [Read more...] about How Stripe Aims to Help Small Businesses Combat Cybercrime