Credit Debit Card RBI Tokenisation System New Rules Details | Know the benefits, how much safe, fees etc. information!

Hello friends, today we are going to talk about Credit Debit Card RBI Tokenisation System New Rules, the use of credit card and debit card has become a common thing in today's time. After a few days, some of these credit and debit card rules are going to play an important role in your life. That's why it is very important for you to know today's news. Actually RBI is going to implement Card on File Tokenization from 1st October. Don't worry, after the implementation of the tokenization system, it is believed that the payment experience of card holders will improve and debit or credit card transactions will be more secure than before.

Credit Debit Card Tokenisation System New Rules Details 

You may not be able to understand the tokenization system right now, in this article we will explain to you in detail what is it? How will this new method be safe for you? What else is this tokenization system will be known in today's blog. 

According to RBI, after the implementation of the new rule of tokenization, whenever a customer makes a transaction on an online point of sale or app of a debit or credit card, then all the details related to the account will be saved in the encrypted code, which means that all the companies under this system will be given the card. All existing information of the holders will have to be subtracted. After that this information will have to be replaced with a token and once implemented, no merchant or company will be able to save the card information.

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How secure is the tokenization system?

This means that the possibility of misuse of the card will be reduced. Also online transactions will become more secure. RBI has described tokenization as the process of converting the details in your card into code. These codes are called tokens and will be different for each transaction. In simple words, to get the service of a company like Flipkart or Amazon, in the future, you will have to save the unit code instead of the card detail on its platform.

Advantages of tokenization system!

Let us now also know the benefits of tokenization system from this, often you must have noticed that when you go to make purchases for the first time from any platform, it is your card before using the ecommerce company, merchant stores, websites or any app services. Asks you to save the details. Credit and debit card data is stored on the database of the web service for ease of payment. This includes the card number, CVV and card expiry date. If seen, all these platforms increase the risk of theft of customer information. Which is not good for the card holder.

What is the fee for tokenization system?

Now a question also arises that do you have to pay any fee to take advantage of this system? The answer is no. The tokenization system will be completely free, this system will be applicable only on domestic card transactions. But it will be difficult to say right now whether everyone would like to take advantage of this policy? So obviously the question also arises whether this tokenization system will be necessary for everyone? According to RBI, the use of token system will not be mandatory for credit and debit card users. In case the card user opts not to use the token system, they will have to manually fill in the credit and debit card information each time. That is, when doing any transaction on commerce or website, they will have to enter the card details.

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