How will RBI's new debit credit card tokenisation rules affect your online payments
By Lokmat English Desk | Published: December 21, 2021 06:58 PM2021-12-21T18:58:10+5:302021-12-21T18:58:10+5:30
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Online shopping has grown exponentially in the last few years. Many people prefer online transactions to avoid cash transactions. Most of them save their debit and credit card details on e-commerce sites. But this will not be possible from January.
Most people save their debit and credit card details so that they do not have to use them frequently when making payments. However, the Reserve Bank of India has changed the old system by introducing new rules. Therefore, new options will be available from January.
Types of data leaks from e-commerce websites have increased in the last few years. There have also been cases of leaking of debit and credit card details saved by people on e-commerce and other sites. That is why the RBI has come up with a new rule.
The RBI has taken an important step to prevent leakage of debit and credit card details of online payers. Therefore, from January 1, 2022, the details saved on the site will be automatically deleted.
From January 1, you will need to fill in the full details every time you pay by debit, credit card. You will also have the option of tokenization. Debit and credit card tokenization will convert card details into a single code. It's called a token.
The code will contain a unique mix of your card details, the token requester and the device from which the request was made. It was recently launched by Google Pay.
You will no longer have to save card details on the site when making online payments. You will need to save a unique token instead. This token will be valid for any one website and one payment device. So only your card details card network and issue it.
Every bank and card company has a tokenization process. But each has some common features. You may need to request e-commerce or other merchant websites and apps for tokenization of some cards. Request that directly to your bank and visa.
