New Delhi: The rules of online payment via debit and credit cards have changed today. The RBI has implemented card tokenisation to smoothen the process of online transactions. This new feature is expected to enhance users’ digital payment experience. After implementation, no online retailers or payment gateways will be allowed to save any card information of customers.Also Read – RBI Ready To Tokenise Credit, Debit Cards From Oct 1: Here’s Why You Should Tokenise Your Card | Explained
What is card tokenisation?
The RBI has made it mandatory to replace all debit and credit card data used in online transactions, both point-of-sale and in-app transactions with unique tokens. From today, there would be no need to save card details on digital platforms. The process will swap out users’ sensitive data with a token. This token will be used to get access to users’ card information. Also Read – RBI's Debit, Credit Card Rule To Change From Oct 1: Here’s What SBI Says on Card Tokenisation
How Will It Help You?
The RBI has *implemented tokenisation to add another layer of security. This process will not only speed up the transaction process but also let users keep a digital image of their cards. After tokenising your card you won’t need to carry the physical card everywhere. Your phone will have the digital version of your card which you can easily use for transactions. Also Read – RBI Extends Credit, Debit Card Tokenisation Deadline Till September 30
How To Tokenise Cards?
You can request tokenisation of your card through the token requesters app. This service is free and you do not need to pay to use this service. The token requestor will forward the request to the card network which, with the consent of the card issuer, will issue a token corresponding to the combination of the card, the token requestor, and the device.