CHANGES IN USAGE OF DEBIT & CREDIT CARD FROM 1ST OCT, 2022
- WHAT IS TOKENISATION: –
From October 1, online shopping using your credit and debit cards will become safer through tokenisation. Now a days saving card details in the current form is risky. There are instances of popular websites getting hacked by fraudsters and harvesting the saved card data.
The Reserve Bank of India (RBI) has directed payment aggregators, wallets and online merchants not to store any sensitive card related customer information, including full card details. The 16-digit card numbers will get replaced with a ‘token’. The only way that you can conveniently make a card payment repeatedly is through a new process called ‘Tokenisation’. Transactions using cards will remain unaffected by the card tokenisation process.
- HOW CAN I TOKENISE MY CARD WITH AN ONLINE MERCHANT: –
While making a payment on an online merchant website or mobile app, enter your card details and opt for tokenisation. Your merchant forwards it to the respective bank or card network. A token will then get generated and sent back to your merchant, who saves it. Now, the next time you come back to shop, just select this saved token at check-out time. You will see the same masked card details and last four digits of your card number. You will need to enter your CVV and complete the transaction. Tokenisation is not mandatory, but it makes it easier to shop repeatedly.
