Convert your Debit-Credit card into Token immediately
there is only chance till 30th September
these 6 steps have to be followed
Card Tokenization: Just two to three days are left for the Central Reserve Bank's Card Tokenization Rules to be implemented. 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. The biggest advantage of card tokenization is that now your card details cannot be saved by any third party, whether it is merchant website. For this, it will be your responsibility to convert your cards into tokens under this rule and keep your card details safe.
What is RBI's new rule?
The Central Reserve Bank of India (RBI) has made it necessary that 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 no payment site or app can store your 16 digit card number and expiry date as data after 30 September.
It is often seen that payment platforms store the card details at their end citing the convenience of the customer and ask for only CVV number and OTP for payment. If the data of the merchant site is hacked, then the risk of cybercrime increases due to the misuse of the customer's card details.
What will change with tokenization, now how will online payment be done?
From October 1, now if you go to make online payment, then the method of payment will change something like this.
After entering the 16 digit card number, name and CVV number while making the payment, you will click on 'secure your card as per RBI guidelines option'.
After clicking on this option you will get an OTP. After entering the OTP on the bank's page, the token of your card will be generated and the same token will be shared with the merchant, who will now store the token data instead of storing your card details.
The next time you go for payment on the same platform, you will see only the last 4 digits of your card which means that the card token has been created.
In the increasing online scams these days, the purpose of RBI's card tokenization is to mask the card details of the customer and give him an extra layer of security.
How will the tokenization of the card happen?
The good thing is that card tokenization is not a very complicated process. RBI has told how you can create a token of your card. Your card will be tokenized in just six steps. Here we are telling those steps
Step 1- Start the payment transaction after shopping on any e-commerce site, merchant website or point-of-sale.
Step 2- During check out, enter the details of your debit or credit card from which you are making the payment. And if the card details are already saved on this platform, then select the card from which you want to make the payment and enter the rest of the details.
Step 3- After this you have to click on 'secure your card as per RBI guidelines option' or 'tokenise your card as per RBI guidelines'.
Step 4- After this OTP will come on your registered mobile phone or email id, enter it and complete the transaction.
Step 5- Your card token has been created and instead of card details, this token will be saved with the merchant.
Step 6- Now the next time you make payment from that website or app, you will see the last four digits of your card number, on which you will be able to make payment by clicking on it.
