Card tokenization. You must have been hearing these words for the last few days. Today we have brought news of work related to it. Along with this, we will also tell you how card tokenization can be done with easy steps.
Card tokenization. You must have been hearing these words for the last few days.
Card tokenization. You must have been hearing these words for the last few days. Today we have brought news of work related to it. Along with this, we will also tell you how card tokenization can be done with easy steps. Under tokenization, a unique alternate code i.e. token is generated for the transaction through the card. These tokens will allow payment to be made without disclosing customer details. The purpose of tokenization system online banking fraud have to stop.
No fee for tokenization
Many of you must have seen the RBI guidelines written on Secure Your Card or Save Edge on the shopping app or website. After saving it and entering the OTP, your card will be tokenized. The Reserve Bank said that the cardholder does not have to pay any fee. By having a token, instead of saving your card information on any shopping website or e-commerce website, the token can be saved.
This token will be valid only for that particular merchant and the particular device to which the token will be allowed. No third person can use it. Actually, tokenization is limited to mobile phones and tablets. This process cannot be done through a smartwatch or other device. Here, RBI i.e. Reserve Bank of India i.e. RBI has extended the deadline for implementation of card tokenization system till 30 September. Earlier this deadline was July 1.
Which steps have to be followed
From September 30 onwards, the seller will have to delete the customer’s debit and credit card data. This means that if customers have not given consent for card tokenization, they will have to enter all their card details like name, card number and card validity instead of entering the card verification value i.e. CVV every time they make an online payment . On the other hand, if a customer agrees to tokenize the card, he/she will only have to enter the CVV and OTP details while doing the transaction. Now let us know how to tokenize credit and debit cards.
- First, you have to make a payment to buy things or services by visiting the preferred shopping website or app.
- After this, 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.
- Now tap on Save and enter OTP.
- After this your credit or debit card will be tokenized.