Wednesday, May 25, 2022
HomeNews UpdateCard Tokenisation: Big News! ATM card tokenization is going to be implemented...

Card Tokenisation: Big News! ATM card tokenization is going to be implemented from January 1, know what is it

Today our country has progressed so much that when we buy our smallest and biggest necessities, we pay it through UPI. 

Or do it through credit or debit card, for which we give our card data to any company or merchant and this merchant or company stores our data, which increases the chances of our data being stolen and with us.

Many times there are also cyber crimes in which we lose our hard earned money. To prevent such frauds, RBI (Reserve Bank of India) has introduced a new rule in which it will give a token number of any credit or debit card which will be called Tokenization is being called

No bank company or merchant will be able to store any credit or debit card data such as card number expiry date CVV from January 1, 2022 The card issuing banks have been instructed to give them a token number so that fraud can be avoided at the time of digital payment and to make digital payment more secure.

Earlier, when we used to use any online shopping app, we used to save our credit and debit card data in it, but now any online shopping app like Flipkart, Amazon, Meesho, Zomato, Swiggy Hero etc. The app cannot store any kind of information data of your credit or debit card, RBI has ordered that all those apps should delete all the data already stored.

Now whenever you do shopping or make any digital payment, you will have to enter your data every time, if you have not approved the token system, then at the same time tell you that you will not have to pay any kind of extra charges for tokenization.

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Let us know what is Card Tokenisation? So tokenization is the process in which all the information of your credit/debit card will be converted into a code and you will be given a 16 digit unique number Jesus, this is called token number and this process is called tokenization.

Now it comes to who will benefit from this, then the customers who make online payment will benefit from tokenization. However, it is not necessary. Customers who have already allowed merchants to store card information will have to re-register their card, while the card network will issue a token in exchange for that information.

Customers who do not want their card details to be stored or are simply entering their card details for one-time purchases, need not follow the process of tokenization.

And if anyone wants to delete his token then he can do it by deleting it. For deletion, a portal will be issued by the banks where you can delete your token number. Your payment system will be more secure through tokenization, which will reduce the cases of digital frauds




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