Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Gmail
Reserve Bank Of India (RBI)
Reliance
Sensex
New Labour Laws in India
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / What is credit, debit card tokenization rule effective July 1
Business

What is credit, debit card tokenization rule effective July 1

What is credit, debit card tokenization rule effective July 1
Written by Dwaipayan Roy
Jun 22, 2022, 01:53 pm 2 min read
What is credit, debit card tokenization rule effective July 1
Card tokenization is applicable only to online transactions within India (Photo credit: Reuters)

The Reserve Bank of India (RBI) has mandated card-on-file (CoF) tokenization for domestic online purchases via credit and debit cards from July 1. Now, to protect privacy, merchants won't be permitted to store customer data like card numbers and card verification values (CVV) on their servers. To recall, the tokenization deadline was moved from January 1 to July 1 to ensure a smooth transition.

Context
Why does this story matter?
  • The tokenization process is not compulsory and is done for free. It is only applicable to online transactions within India and promises a smoother as well as secure payment experience.
  • Customers can also select where the tokens will be used and set up limits.
  • It is believed that instances of data breaches will be reduced and the privacy of customers will be safeguarded.
Definition
What is tokenization?

The RBI describes tokenization as a replacement of the card details with an alternate code known as a "token." "It shall be unique for a combination of card, token requestor (the entity which accepts the request from the customer for tokenization of a card and passes it on to the card network to issue a corresponding token), and the device," according to the RBI.

Information
What are the problems of not tokenizing a card?

It is not mandatory for credit card and debit card users to get their cards tokenized. However, in case it is not done, customers will have to type the card details every time something is bought online since merchants will not store any card-related data.

Process
What are the steps of tokenizing a card?

You can head to a shopping website/application and initiate a transaction. At the time of checkout, select your preferred card payment option and enter the CVV details. Then, click on "Secure your card" or "Save card as per RBI guidelines," tap on save, and enter the OTP. The credit or debit card will now be successfully tokenized and secured.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Dwaipayan Roy
Dwaipayan Roy
Mail
Dwaipayan Roy covers tech and auto news for NewsBytes. He has previously worked with The New Indian Express and DIGIT. Over a career spanning nearly three years, his work focused on the latest product launches and in-depth coverage of changes in the auto and tech industries. He has a Master’s degree in Journalism & Mass Communication from the Indian Institute of Mass Communication, Delhi.
Latest
Reserve Bank Of India (RBI)
Debit Cards
Latest Tech News
Related
Latest
Now, 'Dune: Part Two' will clash with 'Hunger Games' prequel
Now, 'Dune: Part Two' will clash with 'Hunger Games' prequel Entertainment
Devendra Fadnavis 5th ex-Maharashtra CM to become 'junior' minister
Devendra Fadnavis 5th ex-Maharashtra CM to become 'junior' minister Politics
WI vs Bangladesh, 1st T20I: Preview, stats, and Fantasy XI
WI vs Bangladesh, 1st T20I: Preview, stats, and Fantasy XI Sports
#NewsBytesExplainer: What's single-use plastic ban coming into effect from today
#NewsBytesExplainer: What's single-use plastic ban coming into effect from today India
Richarlison joins Tottenham in £60m deal: Decoding his stats
Richarlison joins Tottenham in £60m deal: Decoding his stats Sports
Reserve Bank Of India (RBI)
CBI books DHFL's Wadhawans in Rs. 34000-crore bank fraud case
CBI books DHFL's Wadhawans in Rs. 34000-crore bank fraud case India
RBI hikes repo rate by 50 bps; EMIs get costlier
RBI hikes repo rate by 50 bps; EMIs get costlier Business
ICICI Bank FD interest rates hiked: Check latest rates
ICICI Bank FD interest rates hiked: Check latest rates Business
India's Q4 GDP pegged at 2.7%, lower than Q3: Experts
India's Q4 GDP pegged at 2.7%, lower than Q3: Experts Business
RBI fake currency report: Opposition's demonetization swipe at Modi government
RBI fake currency report: Opposition's demonetization swipe at Modi government Business
More News
Debit Cards
#DealOfTheDay: Mi 10T is available with benefits worth Rs. 10,000
#DealOfTheDay: Mi 10T is available with benefits worth Rs. 10,000 Technology
#DealOfTheDay: Mi 10T is available with benefits worth Rs. 11,000
#DealOfTheDay: Mi 10T is available with benefits worth Rs. 11,000 Business
Cashback worth Rs. 5,000 on Honda Hornet 2.0 this December
Cashback worth Rs. 5,000 on Honda Hornet 2.0 this December Auto
Vivo V20 Pro 5G launched in India at Rs. 30,000
Vivo V20 Pro 5G launched in India at Rs. 30,000 Technology
Moto G 5G launched in India at Rs. 21,000
Moto G 5G launched in India at Rs. 21,000 Technology
More News
Latest Tech News
ClearBuds' real-time noise-suppression technology outclasses Apple AirPods Pro
ClearBuds' real-time noise-suppression technology outclasses Apple AirPods Pro Technology
How to redeem Free Fire MAX codes for June 27
How to redeem Free Fire MAX codes for June 27 Technology
Comet twice Everest's size heading toward Earth: How to watch?
Comet twice Everest's size heading toward Earth: How to watch? Technology
#NewsBytesExplainer: How do astronauts sleep in space at the ISS?
#NewsBytesExplainer: How do astronauts sleep in space at the ISS? Technology
Prior to debut, Apple AirPods Pro (2nd generation)'s features leaked
Prior to debut, Apple AirPods Pro (2nd generation)'s features leaked Technology
More News
Related
RBI allows linking of credit cards with UPI: Details here
RBI allows linking of credit cards with UPI: Details here Business
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022