RBI has made tokenization regulations public in order to improve the security and safety of the online transaction process.
The process of tokenization is scheduled to go into effect from October 1 in accordance with the new RBI rule for credit and debit cards. The advantages of tokenizing one's debit and credit cards have been highlighted by the central bank in an ongoing internet campaign. By September 30, debit and credit card tokenization must be done.
If you don't follow the Reserve Bank of India's new tokenization requirements, you might need to give more time when conducting online payments. When you make an online transaction, these restrictions forbid domestic shops from retaining a record of your card information, including the number and CVV. The RBI has made these tokenization regulations public in order to improve the security and safety of the online transaction process.
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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 application.
2. When checking out, provide the details of your debit or credit card. Alternately, choose the debit card or credit card from your preferred bank from the list you already selected, then complete the rest of the form.
3. Choose "Secure your card" or "Save card as per RBI standards."
4. Enter the OTP that your bank sent to your email or mobile device to verify the transaction.
5. The created token is given to the retailer, who saves it with the client identity information (such as email address or mobile number).
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6. The last four digits of the saved card are displayed when a consumer visits the same e-commerce or merchant website, making it easier for them to identify it during the transaction. This shows the tokenization of a customer's credit card.
7. Each merchant website that has to store credit card information generates a unique token.
Things to keep in mind for card tokenization
Dewang Neralla, CEO of NTT Data Payment Services India noted that once tokenisation is implemented, a customer must follow the one-time registration process carefully based on their own decision to whether to store the card or not for every card. At any e-commerce or merchant's website, for any payments, including subscription bills or even simple card storage.
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