New Credit-Debit Card Rules 2022: Token Transaction will start,
What is Token Transaction? / টোকেন লেনদেন কি?
Online payment is now normal. People prefer to pay online instead of keeping cash with them. Be it ordering food, shopping or booking a cab, people transact online and save their passwords, debit and credit card details on the same portal. However, along with online banking, there has also been a huge increase in online frauds. Therefore, in order to make online payments more secure, the Reserve Bank of India (RBI) has asked all merchants and payment gateways to delete sensitive customer debit card and credit card details that are saved with them.
RBI new card rules (RBI কার্ডের নতুন নিয়ম):
Stricter customer protection is increasing. The new rules of the Reserve Bank are coming into force from January 1. As a result, your debit-credit card data will be deleted from the app wallet. The Reserve Bank of India (RBI) has recently issued such a new directive.
New Credit-Debit Card Rules 2022 (1st January);
New credit-debit card rules (ক্রেডিট-ডেবিট কার্ডের নতুন নিয়ম):
Banks and wallet companies will not be able to store customer’s credit and debit card data in any way, the RBI said. This data must be deleted from the company’s app. From now on, they will have to provide ‘encrypted tokens’ to protect the customer’s transactions. This rule will be introduced from January 1, 2022.
HDFC Bank on RBI new card rules:
Banks have started alerting customers after the announcement of the central bank. HDFC Bank has started sending SMS to customers. As mentioned, the new rules for debit and credit card transactions are starting from January 1. New rules are being introduced in card transactions to protect customers from fraud. From now on, old card details will not be available on the bank’s website or app. According to the new rules of RBI, which has to be deleted.
RBI new card rules: What is the Reserve Bank saying? / RBI কার্ডের নতুন নিয়ম: কী বলছে রিজার্ভ ব্যাঙ্ক?
The Reserve Bank of India (RBI) first introduced this rule in March 2020. Messages were sent to all companies again in September this year. Where the Reserve Bank states that companies will not be able to save card information in any way for the protection of the customer. They must be deleted immediately. The central bank has set a deadline of December 31 for all companies to do so. The RBI recommends ‘tokenization’ of debit and credit card transactions.
New Credit-Debit Card Rules 2022;
What is Tokenization? / টোকেনাইজেশন কি?
When a customer makes a financial transaction with a debit or credit card, they have to provide certain information. This information includes a 16-digit card number, card expiry date, one-time password and transaction PIN in addition to CVV. The most important thing is that your financial transactions are successful only if you provide these documents properly. Instead of submitting these details you can walk the path of tokenization. Where instead of card details you will be given a secret code. This secret code is called a token. Which
You have to pay for every financial transaction of the card. Tokens are different for each card.
How to get tokenized card? / কিভাবে টোকেনাইজড কার্ড পেতে হয়?
- You can get the Card Token through Token Requester by placing a request on the Bank’s website or App.
- Once you place the request on the token request, the merchant will directly send the request to the bank that issued the Credit Card / Visa / MasterCard / Diner / Rupay.
- The party receiving the token request from the token requester will create a token that is associated with the card, token requester and merchant.
- Token cards are applicable for NFC enabled POS transactions on mobile credit cards, Bharat QR code based payments online or offline. Also at all possible online and offline merchants.
Is card tokenization secure?
A token card is more secure than real card details for making payments and sharing with online merchants. This initiative is expected to make card transactions more secure and convenient for the users.