In its efforts to make financial transactions by debit and credit cards more secure, the RBI is ready to bring its card-on-file (CoF) tokenisation norms into effect from 1 October, 2022.The new deadline for debit card and credit card tokenisation is September 30.If you do not follow this new tokenisation rules notified by the Reserve Bank of India, you may have to give more time while making online payments. Under these rules, domestic merchants cannot store your card information like its number and CVV when you make an online payment. The RBI has notified these tokenisation guidelines to make the online payment system more secured and safeHowever, one may wonder how to do credit card and debit card tokenisation.
The steps are pretty easy and the RBI has also listed steps to to credit card and debit card tokenisation. Here's how you can do it seamlessly
Go to any e-commerce or merchant website or application to make a purchase and start payment transaction
During checkout, enter details of your debit or credit card. Alternatively, enter your preferred bank’s debit card or credit card saved earlier as payment method and enter other details.
Click on the option that says “Secure your card" or “Save card as per RBI guidelines"
Enter the OTP sent by your bank to your mobile phone or email and complete the transaction
Your token will be generated and saved now instead your actual card details
When you visit the same website or mobile app again, the last four digit of your saved card will be displayed to help you identify it during other payments as it has been tokenised.
The tokenisation system is totally free of charge and is not mandatory as well. However, it does provide smoother payment experience while also securing your data.