Now merchants will not be able to save credit and debit card details, know the complete process of card tokenization. RBI Card tokenisation rule, Online transactions to be barred for non-tokenised cards from October 1, Here's how to tokenize debit, credit cards | NewsBust Now merchants will not be able to save credit and debit card details, know the complete process of card tokenization. RBI Card tokenisation rule, Online transactions to be barred for non-tokenised cards from October 1, Here's how to tokenize debit, credit cards | NewsBust

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Now merchants will not be able to save credit and debit card details, know the complete process of card tokenization. RBI Card tokenisation rule, Online transactions to be barred for non-tokenised cards from October 1, Here’s how to tokenize debit, credit cards

By Amit - October 1, 2022

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  • Hindi News
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  • RBI Card Tokenization Rule, Online Transactions To Be Barred For Non tokenised Cards From October 1, Here’s How To Tokenize Debit, Credit Cards

New Delhi29 minutes ago

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The rules have changed for cardholders using credit cards and debit cards from today. The Card-on-File Tokenization (CoF Card Tokenisation) rule of the Reserve Bank of India (RBI) has come into effect from today. Now merchants, payment aggregators and payment gateways will no longer be able to store customer card information. The purpose of implementing the tokenization system is to prevent online banking frauds.

RBI says that after the implementation of the tokenization system, the payment experience of card holders will improve and debit card and credit card transactions will become more secure than before and online fraud will also be avoided. Card users have also started receiving messages from banks for tokenization of cards. In such a situation, here we are telling about what is card tokenization and the process of doing it.

What is ‘Tokenization’ System?
Tokenization is the process of replacing sensitive data on credit and debit cards with a unique token. After tokenization, you will not have to share your card details with any third party app. This is not the case now, now if you order food online or book a cab, you have to save the card details to make future transactions easier.

After the card details are saved, in the next transaction you just have to enter the three digit CVV and OTP number and the payment is done in a few seconds. However, there is a risk of fraud due to this. If the website or app is hacked, the card data also goes to the hacker. Not so with the tokenization system.

In the tokenization process, the token associated with your card will be different for each merchant. After tokenization, the next time you make a payment from that website or app, you will see only the last four digits of your card number, on which you will be able to click on the payment.

Why is the new system being introduced?
Many shopping websites and apps ask you to store card data. This facilitates purchase. But if this website or app gets hacked then your money can be stolen. If you are given a token number instead of your data, then the purchase will be done smoothly, but the risk of data theft will be eliminated.

Can one token be used everywhere?
No, Register Token of one Merchant cannot be used with another Merchant. Each merchant will have a unique token associated with each card saved. For example if you have HDFC Bank credit card token on Flipkart, the same card will have a different token on Amazon. That is, the more merchants you have, the more your tokens will be.

There is more news…

Amit

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