If you are a credit card user then reading this news is very important for you. Major changes have been made in the rules of credit cards. So in such a situation, before using the credit card, know these new rules.
During online shopping, you must have seen that on many websites and apps, you are asked to save your card details. This makes payment quick and easy. But this method is considered unsafe.
There is going to be a new arrangement for the security of the card from October. Under this, any sensitive information like your card number, CVV and expiry date will not be saved on websites and apps. The Reserve Bank has made a new system (RBI card-tokenisation norms) for this. Let us see how this system will work?
How will shopping be safe?
For better security, now its token will be saved instead of the original card number. All other details including the expiry date of the card will not be shared with the merchant. In this way your information related to the card will be safe.
You will have to select a credit or debit card and provide the CVV details during check-out on the online shopping website. After this, it will be written there, Secure Your Card (Secure Your Card) or Save Card as per RBI Guidelines ie RBI Guidelines on Save Card Edge. Tick the check box in front of it. You will get OTP on your registered mobile number. Enter it. After this your card details will be secure on that website or app.
How will your data be protected?
In fact, your card’s original data, token and other details will be kept secure with the bank or card network in encrypted mode. Only the last four digits of the card will be displayed on the shopping web page. This will allow you to identify and use your card. If there is more than one card, identify the last four digits and use whichever card you want. You will use one card with different merchants, so your same card will have a different token for each merchant.
Is card token required?
It’s up to you. You can also choose not to tokenize your card. Tokenization can only be done with your consent. If you do not consent, the details already saved on merchant websites and apps will be deleted before October 1. Then every time you make a payment, you have to enter the complete card details. And if you do the tokenization then you will not have to worry about entering the card details every time.
Will there be any charge for this tokenization?
You will not have to pay any charge for availing this service. Since the card will be secured differently on each shopping website, the bank will also provide you a portal to manage it. You can view or delete the tokenization of the card through this portal. If the card is lost or changed on upgrade, then tokenization will have to be done anew. The card will not be tokenized for transactions through POS machines in general shops. This will be for online transactions only.
As far as online payment is concerned with international vendors, it may be that the old method still works there. That is, every time you make the payment by filling the card details. RBI regulations are not mandatory for international vendors, so it is up to them as to when they will adopt the token system.
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