Tokenization will offer an additional layer of security to users' sensitive data, reducing online and digital data breaches in a world where online frauds and cyberattacks are a persistent barrier to the adoption of digital payments.
Debit and credit card tokenization rules will take effect on July 1, which means that any debit or credit cards saved on online stores will be removed if you do not tokenize your cards.
With the new rule, the RBI is now prohibiting merchants to store debit and credit card information on their systems after June 30, 2022, in order to safeguard cardholder data and protect not just customers but also merchants and banks.
The RBI has mandated the use of tokenization, which allows one to replace their sensitive card information with a non-sensitive, uniquely generated code called a "Token," as a safer and more practical alternative to card storage.
As this tokenisation process is new to many, a number of cardholders and users are not familiar with the process and the term as well the term. so solve this and know how to tokenize the card. Read How to tokenize a card?
How To Tokenize Card?
You may tokenize debit and credit cards by following these easy steps:
Step 1: To make a purchase of goods like food, groceries, or clothing, go to your preferred or most utilised mobile application or website and then start a transaction.
Step 2: Choose the credit card or debit card payment option when you reach the checkout page. Now give the CVV information.
Step 3: Click on the option that says "Save card as per RBI guidelines" or "Secure your card"
Step 4: After clicking "Save," enter the OTP that was sent to your registered mobile number.
Step 5: Your debit or credit card has now been securely tokenized. Your information won't be accessible to merchants any longer.