New Debit and Credit card rules from October 1 : Token rule of Reserve Bank of India (RBI) has become mandatory from October 1. Every credit and debit card payment through online, point-of-sale and in-app will now have to be done with a unique token. The card token will become mandatory for the merchant. If you want to generate the token number of your credit or debit card then you have to follow these steps. Through these, you will be able to create a token for your debit and credit cards.
What is Tokenization of Cards?
Now in tokenization, the 16-digit number of the debit or credit card will be replaced with a unique token. This will be all the information related to the card in your token number. The token will also serve to hide the correct details of your card. Even if the fraudster gets your information from any website, he will not be able to use it wrongly.
You can generate debit or credit card token by following these steps
- Visit any e-commerce or merchant website or application to make purchases and initiate payment transactions.
- During check-out, provide your debit/credit card details. Select the Debit or Credit card of your preferred bank already saved for the payment option and provide other details.
- Save your card as per RBI guidelines. Choose the option to tokenize your card as per RBI guidelines.
- Enter the OTP sent to your registered mobile phone or your bank’s email and complete the transaction.
- Your token will be generated and saved separately from the correct details of your card.
What will be the benefit of token
Till now whenever you used to buy things from e-commerce websites or book train or flight tickets through any travel website, you have to save your debit or credit card information for future transactions as well. Then every time you have to enter your CVV number of 3 numbers and the transaction is completed.
If all this information is saved in advance, the transaction becomes faster. It will never be safe to save the card information in advance right now. There have been many such cases in which frauds have taken place on the already saved information of the card. Token will help in preventing fraud.
