From January 1, The Rules For Online Card Payments Will Change.

To improve data security, the Reserve Bank of India (RBI) has instructed all merchants not to keep customer debit and credit card details on their websites, instead offering them the tokenisation option, which replaces card details with a unique number or token produced by an algorithm. The new regulations will take effect on January 1st.

The Following Changes Will Occur:

-All card information held on merchants’ and payment gateways’ servers must be deleted. A user’s full card details must be submitted in order to make payments on merchant websites.

-Many lenders have begun telling their customers about the upcoming changes, which are set to take effect in January.

-When a user makes their first payment to a merchant, they will be asked to confirm their identity with a second method of authentication. The user will finish the transaction by entering the card’s CVV and OTP (card verification value and one-time password).

What is Tokenization, exactly?

It refers to the substitution of an alternative code known as a “token” for the actual card details, allowing online purchases to be made without exposing important information to cyber criminals.

Is Tokenization a safer option?

A tokenised card transaction is considered safer by the RBI because the real card details are not shared with the merchant during transaction processing.

The authorised card networks will hold the real card data, token, and other necessary elements in a secure mode, according to the central bank. The token requestor is unable to save the Primary Account Number (PAN), also known as the card number, or any other card information. The token requestor must also be certified for safety and security in accordance with worldwide best standards, according to card networks.

De-tokenisation is the process of converting a token back to actual card information, according to the central bank. It went on to say that there are no fees associated with using this service.

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