RBI tokenization rules- The Reserve Bank (RBI) has issued the rules for tokenization related to payments.
New Delhi. On the new year, you will be able to pay in a new way. Actually, from January 1, 2022, the method of making card payment is going to change. Yes… The Reserve Bank (RBI) has issued the rules for tokenization related to payments (RBI tokenization rules). That is, now a token system will be implemented for payment. Actually, RBI has issued rules for tokens related to data storage. With effect from January 1, 2022, no one other than the card issuing bank or the card network will store the actual card data in card transactions/payments. In this, a special provision has been made on the privacy of the card holder’s data.
Will depend on the customer’s wish
, according to the new rules of the RBI’s Tokenaijeshn, after payment aggregator, traders December 202l customer card data will not be allowed to collect. Also there will be no need to input card details for each transaction under the token system. Explain that the token arrangement will depend on the wishes of the customers. No pressure can be put on them to take it. Apart from this, it will not be compulsorily implemented by any bank or card issuing companies.
These rules will be applicable here also,
let us tell you that this arrangement of tokens will also be applicable on payments made through mobile, laptop, desktop and smart watch. These will be issued by the service provider. The facility to issue card data in the form of tokens will be with the same token service provider. However, it will depend on the consent of the customers.
What is now card payment system
From January 1, 2022, you will not have to share your card details with any third party app. It is not so right now, if you order food from Zomato or book Ola, then you have to give the details of the card and here the complete details of the customer’s card are saved. Where there is a risk of fraud. However, this will not happen with the tokenization system.
