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.
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