If you are a HDFC Bank customer then this news is for you. In fact, the bank has informed the customers that your HDFC Bank card details saved on the merchant website/app will be deleted.
The bank has taken this decision after the order of RBI. Through the message, the bank has given this information to its customers. Let us tell you that RBI had taken this decision for the purpose of keeping the card details of the customers safe.
However, under the new rule, customers will have to enter full card details every time they make a payment. Till now, customers used to enter the card details once, they were available every time on the app or merchant website. Apart from this, RBI has also given the option to the customers to choose the option of token. These new rules are effective from 1 January 2022.
What is Token System: Tokenization is an alternative mode of providing card details. Under this, instead of the original card details, unique alternate code details are generated. This is called a token. Let us tell you that the Central Reserve Bank had mentioned the token system for the first time in the year 2019. It allowed authorized card networks to provide token services on request. The token option will be available on both debit and credit cards from January 1, 2022. This is applicable for domestic transactions only. This means that this rule will not apply to international transactions.
