What is card tokenization? How to tokenize the card? Discover the key details
Tokenization will provide an additional layer of security to sensitive user data, reducing online and digital data breaches in a world where online fraud and cyberattacks are a persistent barrier to the adoption of digital payments.
The rules for tokenizing debit and credit cards will come into effect on July 1, which means that all debit or credit cards registered on online stores will be deleted if you do not tokenize your cards.
With the new rule, the RBI now prohibits merchants from storing debit and credit card information on their systems after June 30, 2022, to protect cardholder data and protect not only customers, but also merchants and banks.
The RBI has mandated the use of tokenization, which allows one’s sensitive card information to be replaced with a non-sensitive, uniquely generated code called a “Token”, as a safer and more convenient alternative to card storage.
As this process of tokenization is new to many, a number of cardholders and users are unfamiliar with the process and the term as well as the term. so solve this and know how to tokenize the card. Read How to tokenize a card?
How to tokenize the card?
You can tokenize debit and credit cards by following these simple steps:
Step 1: To make a purchase of goods like food, groceries or clothing, go to your favorite or most used mobile app or website and start a transaction.
2nd step: Choose the credit card or debit card payment option when you reach the payment page. Now give the CVV information.
Step 3: Click on the option “Register card according to RBI guidelines” or “Secure your card”
Step 4: After clicking “Save”, enter the OTP that was sent to your registered mobile number.
Step 5: Your debit or credit card has now been secured. Your information will no longer be accessible to merchants.
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Article first published: Thursday, June 23, 2022, 10:02 p.m. [IST]