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Tuesday, December 6, 2022

RBI’s new rule for credit and debit cards is Mandatory from October 1

The tokenization process is set to come into effect from October 1 in accordance with RBI’s new rule for credit and debit cards.

The central bank drew attention to the benefits of tokenization of debit and credit cards in an ongoing internet campaign. Debit and credit cards must be tokenized by September 30.

If you are not following the Reserve Bank of India’s new tokenization requirements, you may need to spend more time making online payments.

When you make an online transaction, these restrictions prohibit domestic stores from keeping a record of your card information, including the number and CVV.

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RBI has published these tokenization regulations to improve the security and safety of the online transaction process.

Here’s a step-by-step guide on how to do it

  1. To place an order and start the payment process, go to any online store or merchant app.
  2. Enter your debit or credit card details when checking out. Alternatively, select a debit card or credit card from your preferred bank from the list you have already selected and complete the rest of the form.
  3. Select “Secure Card” or “Save Card as per RBI Standards”.
  4. Enter the OTP sent by your bank to your email or mobile device to verify the transaction.
  5. The generated token is passed to the seller, who stores it with the client’s identity information (such as an email address or mobile phone number).
  6. The last four digits of the stored card will be displayed when the consumer visits the same e-commerce website or merchant, making it easier to identify him during the transaction. This shows the tokenization of the customer’s credit card.
  7. Each merchant site that needs to store credit card information generates a unique token.

What to keep in mind when tokenizing a card

Dewang Neralla, CEO of NTT Data Payment Services India, noted that once tokenization is implemented, the customer must carefully monitor the one-time registration process based on their own decision to store or not for each card.

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On any e-commerce or merchant website for any payments, including subscription bills or even simple card deposits.

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