Debit-Credit Card Rules: There is big news for those using credit and debit cards. In today’s time every second person is using Debit Card or Credit Card. In such a situation, before any change happens, you should know about it. From October 1, the Reserve Bank is going to make a big change in the rules of the card.
The new rule will be applicable from October 1, Let us tell you that from October 1, there is going to be a big change in the rules related to the banking sector. RBI has also issued an order for this. The Reserve Bank has said that it is bringing Card-on-File Tokenization (CoF Card Tokenization) rules from 1st day.
Cardholders will get a lot of benefit
The Reserve Bank of India has informed that after the change in the tokenization system, cardholders will get more facilities and security. The payment experience of the cardholders will be greatly improved. According to the information given by the Reserve Bank, the purpose of the new rules is to make payment through credit and debit cards more secure than before.
For the past few days, there were many reports of fraud with credit-debit cards, but after the implementation of the new rule, customers will transact online, point of sale (POS) or on the app with debit or credit card.
All the details will be saved in the encrypted code. You will be able to change the card into a token, let us tell you that under the new token system, the entire data of debit and credit cards will be converted into ‘token’. This will keep your card information hidden in one device.
If any person can make a request on the token bank and convert the card into token. The cardholder will not have to pay any fee for tokenizing the card. If you convert your card into a token, then your card information can be saved in the token on any shopping website or e-commerce website.
