Credit Card Rules to Change From Oct 1: Check New RBI Regulations

 - Sakshi Post

Reserve Bank of India mandates that all credit and debit card information used for online transactions and payments be replaced by independent tokens by September 30, 2022.

According to a circular released by the central bank, after considering different views from industry stakeholders, the Reserve Bank of India (RBI) later decided to extend the deadline for implementation of certain aspects of the Master Direction to October 1, 2022.

According to the RBI, the tokenization process would improve cardholder payment experiences by making them safer and more convenient. This facility keeps card information as an "encrypted" token to make transactions easier for customers.

These tokens can be used to make payments without disclosing the customer's identity. According to RBI standards, the original card data must be exchanged for an encrypted digital token. Tokenization will make your debit and credit card transactions more safe and more convenient.

Steps to create own Token:

1. Go to any e-commerce website or application to make a purchase and then pay for the items

2. Choose your card and enter your payment information.

3. Click on the secure your card option according to RBI rules and tokenize your card according to RBI criteria.

4. Allow the token to be created. To complete the transaction, enter the one-time password (OTP) that your bank sent to your email or mobile device.

5. Save your token. This token has now replaced the data on your card.

6. When you return to the same website or application, the last four numbers of your saved card are shown to help you identify it during a transaction. This indicates that your credit card has been tokenized.

Also Read: Arrest Warrant Against Sapna Chaudhary For Over Ticket Money Refund For Cancelled Concert

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