RBI’s New Rule: Most of the people shopping online often save their debit and credit card details on the e-commerce website, so that they do not have to worry about entering the card details again and again after payment, But due to a new rule of Reserve Bank of India (RBI), this system is going to change completely, but in return, you will also get some new options.
RBI’s rule to prevent data theft
In the last few years, there have been reports of data leaks on many websites. In this, information has also been revealed about the leak of already saved details of debit and credit cards of people on e-commerce and other merchant sites. To reduce the possibility of this, RBI has made a new rule, due to which the details of the save cards on these sites will be automatically deleted from January 1, 2022.
These options will be available from January 1, 2022
Now that your already saved card details will be removed from the websites, then you will have to enter their complete details every time while making a payment with a debit card or credit card to make purchases. Apart from this, you will also get the option of ‘tokenization’ of the card. Know what is this…
Tokenization option will be available
Tokenization of debit and credit cards will replace the original card details with a ‘code’, which will be called ‘token’. This code will be a unique combination of your card details, the person requesting the token, and the device from which the request is made. Recently Google Pay (GPay) has also started it on its platform.
Pankaj Bansal, CEO of BankBazaar.Com, explained that in this process, instead of saving the card details on any online website, you have to save only this unique token. This token will be valid for anyone website and one payment device only. In this way, the details of your card will be saved only with the card network and its issuer, apart from this it will not be saved anywhere. This will reduce the risk of your card data leaking.
How to do card tokenization
Every bank and card company has a process of tokenization. But they all have some common features. For tokenization of a card, you have to generate a request on that e-commerce or other merchant website and app. After this, this request will be sent directly to your bank and card network like Visa, Rupay. After approval from there, the token associated with your card will be sent to the merchant or other e-commerce websites.