August8 , 2022

RBI Lists Steps to Tokenise Your Card; Check Here

Related

Business News LIVE Today: Latest Business News, Share Market News, Economy & Finance News

Search Quotes, News, Mutual Fund NAVs Tata Steel INE081A01020, TATASTEEL,...

Business News LIVE Today: Latest Business News, Share Market News, Economy & Finance News

Search Quotes, News, Mutual Fund NAVs Tata Steel INE081A01020, TATASTEEL,...

Why Apple and Amazon results are important

Apple and Amazon added about $175 billion to...

Business News LIVE Today: Latest Business News, Share Market News, Economy & Finance News

Search Quotes, News, Mutual Fund NAVs Tata Steel INE081A01020, TATASTEEL,...

Share

[ad_1]

Debit Card, Credit Card Tokenisation Rules: Over a month after extending the deadline to tokenise debit cards and credit cards, the Reserve Bank of India has been notifying users about completing the process as soon as possible. The central bank has been reiterating the use and perks of tokenising one’s debit and credit cards and has been running an online campaign. The new date for debit card and credit card tokenisation is September 30.

In a recent tweet, the RBI also explained in six steps on how to tokenise credit cards and debit cards.

How to Tokenise Debit Card, Credit Card?

“Want to generate a token for your debit/ credit card? Follow these 6 simple steps to tokenisation. It’s simple, it’s safe, it’s convenient,” the RBI said in a tweet dated July 28, Thursday.

Here are the steps:

i. Go to any e-commerce or merchant website or application to make a purchase and start payment transaction

ii. During checkout, enter details of your debit or credit card. Alternatively, enter your preferred bank’s debit card or credit card saved earlier as payment method and enter other details.

iii. Click on the option that says “Secure your card” or “Save card as per RBI guidelines”

iv. Enter the OTP sent by your bank to your mobile phone or email and complete the transaction

v. Your token will be generated and saved now instead your actual card details

vi. When you visit the same website or mobile app again, the last four digit of your saved card will be displayed to help you identify it during other payments as it has been tokenised.

What is Debit Card, Credit Card Tokenisation?

By this time, you would have received notifications from online merchants and banks to ‘tokenise’ your cards to smoothly carry out payments. According to the RBI website, “Tokenisation refers to replacement of actual card details with an alternate code called the “token”, which shall be unique for a combination of card, token requestor (i.e. the entity which accepts request from the customer for tokenisation of a card and passes it on to the card network to issue a corresponding token) and device (referred hereafter as “identified device”).”

The tokenisation system is totally free of charge and is not mandatory as well. However, it does provide smoother payment experience while also securing your data. Tokenisation is only applicable to domestic online transactions.

The registration for a tokenisation request is done only with explicit customer consent through Additional Factor of Authentication (AFA), and not by way of a forced / default / automatic selection of check box, radio button, etc, as per the RBI. The customer will also be given choice of selecting the use case and setting-up of limits.

Read all the Latest News and Breaking News here



[ad_2]

Source link