Reserve Bank of India is going to implement some new rules of debit and credit cards from October 1. As per the new rule the payment experience of debit and credit card will change, now you have to get your card tokenized, If you have not yet tokenized your card then you can contact your bank. Tokenisation is the process of replacing a card’s 16-digit number on the plastic card with a unique alternate card number, or ‘Token’ which shall be unique for a combination of card, token requestor and device. Tokens can be used for online transactions, mobile point-of-sale transactions or in-app transactions. There is also no risk of fraud or tampering with it. This rule will be brought into effect from next month.
In online payments, many entities, including merchants, store card data such as card number and last date – card-on-file (COF) – bringing convenience and comfort to cardholders. However, it can also prevent fraud, as the availability of card details with multiple entities increases the risk of card data theft or misuse.
