Tokenization is a requirement that will be enforced as of October 1 by the Reserve Bank of India (RBI). Tokens must be used for every purchase made with a credit or debit card, whether made online, at a retail register, or within an app. Merchants will be required to implement card tokenization. Here are the six easy actions you need to take to tokenize your credit or debit cards.
Tokens will be merchant-specific, it should be emphasised.
Consumers will receive different tokens if they use the same card to make online purchases from several retailers.
For a card and merchant combination, a token with 16 unique digits will be generated.
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.@RBI Kehta Hai..
— RBI Says (@RBIsays) July 27, 2022
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.#BeAware #BeSecure#rbikehtahai #StaySafe #Tokenisationhttps://t.co/mKPAIpnAObhttps://t.co/RWS9vBbEZH pic.twitter.com/vTyBBeTCDH
Tokenizing a card entails exchanging the conventional information stored on the card for a randomly generated 16-digit number. It will be developed by a computer programme and make it possible to conduct financial transactions without disclosing the actual card details.
The Reserve Bank of India (RBI) outlined six easy procedures to create a voucher for your debit or credit card:
To make a purchase and initiate a payment transaction, you can go to any e-commerce/merchant site or app.
Please use your debit or credit card and submit your information at checkout. You can also choose a previously saved debit or credit card from your favourite bank and enter the necessary information.
To comply with RBI regulations, either “Secure your card” or “tokenise your card” must be selected.
To finish the transaction, enter the one-time password (OTP) issued to your registered cell phone or email.
The information on your card has been replaced with a token that has been generated and stored.
The last four numbers of your credit card will be displayed on the payment page of the same application or website the next time you visit.
Please note that tokens will have a merchant-specific value. If a customer uses a single card for all of their online shopping, they will receive several separate tokens. The token will be 16 digits long and will be used to identify the specific card and retailer.
Tokens are stored on the retailer’s end, so the client doesn’t have to worry about keeping track of them. To use the same method of payment again, he or she must verify the last four digits of the cards.
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