The Reserve Bank of India (RBI) has taken a big decision regarding online transactions. In fact, to make online payments more secure, RBI had asked to start the facility of tokenization from January 1 next. Now RBI has extended this deadline for 6 months. This means that the tokenization facility will be implemented after June 30.
What is Tokenization: Tokenization will convert the actual card details into a unique optional code called “Token”. This token will always be unique depending on the card, token requester and device. This means that you do not need to provide the original 16-digit card number or other details of your debit or credit card for the transaction.
Banks were alerting: Messages were also being sent by banks to their customers regarding this rule. HDFC Bank in a message to its customers had said, “As per RBI order, your HDFC Bank card information saved on the merchant website/app will be deleted in order to enhance the security of the card. For making payment, Enter complete card details each time or opt for tokenization.”
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