How to Tokenize Your Credit and Debit Cards..?

The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has already announced that credit and debit card holders should follow the tokenization norms. It is said that transactions through tokenization will be secure and there is no chance of any fraud. What is tokenization? When you buy products online, it is common practice to share your credit card or debit card information with the e-commerce site. The storage of this information makes it more prone to fraud. That's why the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india, which is trying to make credit card and debit card transactions more secure, is encouraging customers to tokenize their cards.
Currently, many merchants involved in online card transactions store important information such as card number, expiry date, etc. of customers' card information known as card-on-file (CoF) to facilitate future smooth transactions. If this information is stored then customers need to register only the CVV number and OTP number when using the same card again. It facilitates a simple transaction.But at the same time, RBI has come up with a mechanism called tokenization, pointing out the risk of abuse using stored data. Tokenization is a token containing 16-digit plastic card numbers, names, and expiration dates.Merchants and online platforms will no longer be able to store card details of tokenized customers, according to an RBI statement. They can only run transactions through tokens. This will protect your confidential information from disclosure.How To Generate Tokenization

1. While shopping for what you need, select the payment method for the items purchased on the website and enter all the details by selecting your preferred bank's credit/debit card payment method.
2. It will have an option "Protect your card or save the card as per RBI guidelines".
3. You will receive an OTP or email on your mobile from your bank or card company to complete the transaction.
 4. After this a token will be generated and stored for you instead of your card data. Only the transaction takes place.
In the future, you can use this token to make consecutive purchases on the same website as many times as you like by authenticating the last 4 digits of your card. But at the same time, this token cannot be used for payment on any other e-commerce website.Those who don't want to generate a token can transact by manually entering the card details while making the transaction. As per the RBI directive, everyone has been instructed to handle tokenized transactions and implement alternative mechanisms by september 30, 2022.
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credit card and debit card tokenization

Sowmiya Sriram

02/08/2022 05:46 PM