Now only two to three days are left for the Reserve Bank of India's rules related to card tokenization to come into force. From October 1, on online payment through debit and credit cards, you will have to provide a token instead of your card details at the merchant website, point of sale, or payment gateway. The biggest advantage of this will be that now your card details cannot be saved by any third party, even if it is the merchant's website. It will be your responsibility to convert your Cards into tokens under this rule and to keep the details associated with your tokens safe.
What is RBI's new rule?
The Reserve Bank of India has made it certain that no payment aggregator, payment gateway, or merchant will be able to save or store any customer's debit or credit card data with them after October 1. This will mean that no website or app will be able to store the 16-digit card number and expiry date as data after September 30. Please note that at present, various websites and payment gateways only ask for CVV numbers and OTP during card payments. They already keep the rest of the data with them. From October 1, this will not be possible under the new rules of RBI.
This change will come after card tokenization, this is how card tokenization will work
From October 1, if you pay by debit card or credit card, you will be able to do so with some changed rules. At the time of payment, you will proceed by entering 16 digit card number, name, and CVV number, then after that, you have to click on the Secure your card as per RBI guidelines option.
After clicking on this option an OTP will be sent to your registered mobile number. Your card token will be generated after entering the OTP on the payment page of the bank. You will be able to share this token with your merchant. Now merchant sites will be able to save only this card data. The purpose of this RBI exercise is to give an extra layer of security to your card details instead of storing them.
The process of card tokenization will be completed in six easy steps
first step
Initiate your payment transaction after shopping on any e-commerce site, a merchant website, or point-of-sale.
second step
During checkout, submit 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, select the card from which you want to make the payment.
3rd step
After this, you have to click on the 'secure your card as per RBI guidelines option' or 'tokenise your card as per RBI guidelines.
fourth step
After this OTP will come on your registered mobile phone or email id, after entering it the token of your card will be generated.
fifth step
Once your card is tokenized, you will be able to make payment by simply sharing the token details on the merchant website instead of the card details.
Sixth Steps
In the future, when you make the payment again from that website or app, you will see the last four digits of your card number, after clicking on which you will be able to complete the payment process.
Amit Shah will visit Tripura today: Will flag off BJP's Jan Vishwas Rath Yatra, elections in the state this year
Union Home Minister will be on the Tripura tour today. There he will flag off BJP's Rath Yatra at 11.30 am. The Rath Yatra has been named 'Jan Vishwas Yatra'. It will start from the Dharmanagar
CSK vs LSG: Marcus Stoinis made a huge record in IPL history, leaving behind Virender Sehwag-Sanju Samson.
Lucknow Supergiants all-rounder Marcus Stoinis shattered the pride of Chennai Super Kings in the 39th match of IPL 2024 on Tuesday. CSK, which had an excellent record on its home
Supreme Court: Petition to declare cow as national animal dismissed, Supreme Court reprimanded the petitioner
The Supreme Court on Monday refused to hear a plea seeking a direction to the Center to declare cow as the national animal. Justice SK Kaul and Justice Abhay S Oka asked the petitioner which
IND vs PAK: ACC-BCCI put Team India in big trouble! Will play cricket for three consecutive days, know the whole matter
The Super Four match between India and Pakistan will now be played on Reserve Day i.e. today. Due to rain on Sunday, play could not be played after 24.1 overs of the first innings. Now India and
Jyoti Maurya Case: Jyoti gets him out of the way... finish the story, big action when call recording comes to the fore!
The investigation report of PCS officer Jyoti Maurya and Home Guard Commandant Manish Dubey was sent to the government on Tuesday by DG Home Guard BK Maurya with its recommendations. DG Home Guard has
Elon Musk: Elon Musk is afraid for his life, said – anyone can shoot, and cannot go anywhere in an open car
Elon Musk, the new owner of Twitter and the world's richest man, is in fear of being killed. Musk claimed on Saturday that there was a risk of something bad happening to him or even getting shot. In a
Indian fan entered the field with a tricolor in hand: He started crying after reaching Rohit Sharma, now a fine of Rs 6.50 lakh will have to be paid
During India vs Zimbabwe match, an Indian fan was forced to enter the field. He will now have to pay a fine of Rs 6.50 lakh. This incident is of the 17th over. When Hardik Pandya was bowling the 5th
Ruckus over the distribution of free Bibles at Delhi World Book Fair: Slogans raised in protest, police said – no violence took place at the stall
There was an uproar over the distribution of free Bibles at the ongoing World Book Fair at Pragati Maidan in New Delhi. The video of the incident which took place on Wednesday has gone viral on social
Gurugram Bomb Threats: Ambience Mall received a bomb threat, police team reached the spot
After Delhi, now a threat to blow up a mall has been received through an email in Gurugram. The threat of a bomb blast was received by the Ambience Mall management by email around 9:45 pm. After
G20 India: UGC starts the University Connect program, which will make students aware of G20 conference
India is gearing up to host the next G20 summit. Awareness programs about the G-20 summit and getting its chairmanship have already started across the country. Indian universities are also joining
