Card Tokenization: If you pay by debit and credit cards, then this news is especially for you. From July 1, there is going to be a big change in the rules for making payment by credit and debit cards. Now from July 1, tokenize system is being implemented on card payments.
After the introduction of the card tokenization system, there will be transparency in the transactions related to credit-debit cards. Tokenization refers to the replacement of the actual card details through a unique code. With this move of RBI, transactions done through credit and debit cards will be more secure than before.
In such a situation, the incidents of fraud related to credit-debit cards will be very less. You will need to tokenize your card while making payment with debit and credit cards. If you do not do this, your saved card will be removed. In this episode, let us know about the process with the help of which you can tokenize your card.
How to tokenize your credit and debit cards:
To tokenize your credit and debit cards, first you have to go to the website or app from where you want to shop. After this, after selecting the product, come to the payment option.
At the time of check out, select your card option and enter its CVV. After doing this process, click on “Secure your Card” or “Save Card as per RBI Guidelines”.
On the next step, click on the save option and enter the OTP. By doing this process you can easily tokenize your card. This process is quite easy. You will not face any kind of problems in this.
According to the new rules of RBI, from July 1, merchants have to delete the data related to the credit and debit cards of the customers. With the introduction of the card tokenization system, the actual details related to your credit and debit cards will not go to the merchant.
The post Card Tokenization: Token system going to be implemented from 1st July appeared first on Spotlight 7.
source https://spotlight7.com/business/card-tokenization-token-system-going-to-be-implemented-from-1st-july/
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