Debit-Credit Card Tokenization: Tokenization rules for debit and credit cards are applicable from October 1, 2022. After the implementation of the new rule, the personal data of the customers will be safe.
Debit-Credit Card Tokenization: The tokenization rule of debit and credit cards is being implemented from today i.e. from October 1, 2022. Preparations are being made to curb online fraud with tokenization. After the implementation of this new rule, the personal data of the customers will be safe. With effect from October 1, 2022, for making online payments through debit and credit cards, you will have to provide a token instead of your card details at the merchant website, point of sale (POS) or whatever gateway you are making the payment. There is no such update from the Central Reserve Bank so far on whether the deadline for the implementation of this rule will be pushed forward or not.
What will change after the card tokenization rule comes
No payment aggregator, payment gateway or merchant can store credit or debit card data of any customer with him from October 1. This means that from September 30, on any payment site or app, the 16-digit card number, expiry date and CVV will not be able to be stored as data with them. Cardholders will have to give a token instead of giving their card details there at whichever gateway they will pay with the card.
What to do to generate Debit Credit Cardholders Token
- Go to any e-commerce website.
- Select the card which you have to choose for the payment method.
- Fill the details which are being asked carefully after seeing them.
- Tap on the option ‘secure your card as per RBI guidelines option’ on the website and store it as per RBI guidelines.
- OTP will be sent to mobile number registered with your bank account, enter OTP and card details will be sent for token.
- The token will be sent to the merchant and he will store the card details at his place.
- The next time you visit the same e-commerce platform or merchant website, only the last four digits of the stored card will be visible.
- This four-digit display means that the token of your card is saved on that site and you can make payment by clicking on it.
