According to the latest Reserve Bank of India (RBI) mandate, the process of tokenisation of debit and credit cards will come to effect on 1 October 2022. This is going to replace all credit and debit card information used for online, point-of-sale, and in-app transactions with independent tokens. Since the date is near, debit and credit card holders should know how tokenisation works. They should also understand the steps to tokenise their debit and credit cards correctly.
The tokenisation of debit and credit cards is set to replace sensitive payment details such as the 16-digit plastic card numbers, names, expiry dates, and codes with a unique number or token. This is being rolled out by the Reserve Bank of India (RBI) for the safety of the cardholders. To know more, one should go through the details stated by the RBI.
The process to tokenise debit cards and credit cards is extremely simple. The card holders can tokenise their cards by following some simple steps while carrying out a transaction.
Debit or Credit Cards: Steps to Tokenise
Here are the steps that one should follow to tokenise their debit card or credit card:
Step 1: Visit an e-commerce or merchant website to purchase products or services.
Step 2: Select the preferred card options as the payment method and enter all the required details carefully.
Step 3: Tap on the option that states 'secure your card as per RBI guidelines' on the website to generate a token and store it according to the RBI guidelines.
Step 4: You will receive a one-time password (OTP) on your mobile device or email from the card-issuer company to complete the transaction successfully.
Step 5: Enter the one-time password (OTP) on the bank page and the card details will be sent for the token generation and transaction authorisation.
Step 6: The token will be sent to the merchant and he will save it in place of the personal card details.
Step 7: The next time you visit the same e-commerce platform or merchant website, the last four digits of the saved card will be displayed. This indicates that the debit card or credit card has been tokenised.
Follow the same process to generate tokens for every e-commerce platform or website.
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