The last date for tokenizing your credit cards and debit cards is approaching, and if you do not comply with this new RBI order, you may have to spend more time while making online payments. Credit cards and debits from July 1 card token rule Domestic merchants cannot store your card information such as its number and CVV when you make an online payment. Reserve Bank of India have been notified tokenization Guidelines to make online payment systems more secure and safe, so that consumers will have the final say before accessing their sensitive information.
Here is everything you need to know about the RBI token rule for debit and credit cards that will come into effect from July 1:
1. What is Debit Card, Credit Card Tokenization?
a, According to the RBI website, “Tokenization refers to the replacement of the actual card details with an alternate code called “token”, which will be unique to the combination of the card, the token requester (i.e. the entity that accepts the request for token from the customer). (hereinafter referred to as the “identified device”) and the device (hereinafter referred to as the “identified device”). Getting notifications to save or tokenize.
2. Is tokenization mandatory?
a, No, Debit and Credit card token is not mandatory. A customer can also choose not to tokenize his card, but in that case it will take longer to make an online payment.
3. What is the need for tokenization?
a, RBI has reiterated several times that a tokenized card will ensure that there is less fraud in case of domestic online payments. Credit card and debit card tokenization does not allow merchants to store your data, and also gives an additional layer of security by entering your CVV and OTP received, making online transactions more secure.
4. How can I tokenize my Debit and Credit cards?
a, The card holder can get the token to the card by initiating a request on the app provided by the token requestor, who is the customer. The token requester will forward the request to the card network, which, with the consent of the card issuer, will issue a token corresponding to the combination of the card, token requester and device. read detailed procedure Here,
5. What if I do not tokenize my debit and credit cards by July 1st?
a, If you do not tokenize your card by July 1, you will need to re-enter all card details when purchasing anything online. This is because existing data including your name, card number and CVV will be deleted from the server. Tokenization only applies to domestic online transactions, and you do not need to process for international online transactions.
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