Debit Card, Credit Card Rules: September 30 is the last date for tokenization of debit and credit cards from the Reserve Bank. Get your cards tokenized by the last date. Otherwise, you will have to enter your card number and CVV every time you make a payment.
Debit Card, Credit Card Rules: The last date for credit card and debit card tokenization is very near. Reserve Bank of India is advising users to complete the process before the deadline. The central bank is replicating the use of tokenizing one’s debit and credit cards and is running an online campaign. The last date for debit card and credit card tokenization is 30 September.
What is Debit Card, Credit Card Tokenization?
According to the RBI website, “Tokenization refers to the replacement of the actual card details with an alternate code called “token”, which will be unique to the combination of the card, the token requester (i.e. the entity that accepts the request for token from the customer). (hereinafter referred to as “identified devices”) a card and sends it over the card network to issue the corresponding token.”
State Bank of India, India’s largest public sector bank, said on its website that this token does not contain any personal information that can be directly accessed and keeps on changing making it the most secure method to complete payments. Once a credit card and debit card is tokenized, payment aggregators, wallets and online merchants will no longer be able to store your card data including debit or credit card numbers, CVVs, card expiration dates and other sensitive information. Banks and online merchants are already sending alerts to their customers to tokenize debit or credit cards.
Is tokenization mandatory?
Debit and credit card token is not mandatory. A customer can also choose not to tokenize his card, but in that case it will take longer to make the online payment. If you do not tokenize your card by 30 September, you will need to re-enter all card details when purchasing anything online. This is because existing data will be removed from the server.
How to Tokenize Debit and Credit Cards?
The Cardholder can obtain the Token to the Card by initiating a request on the App provided by the Token Requester, who is the Customer. The token requester shall forward the request to the card network, which, with the consent of the card issuer, will issue the token corresponding to the combination of the card, the token requester and the device.
Notably, at the end of June, the RBI extended the tenure of credit card and debit card tokens by three months to 30 September. Earlier the rules were to be followed from July 1. The move came after the industry stakeholders highlighted some of the related issues.
