Tokenize your Debit/Credit cards to prevent problems...

We all use credit card and debit card for our everyday small and big tasks. Be it online shopping or in-app or point of sale payments, debit and credit cards are used indiscriminately. But do you know that from today there is going to be a big change in the rules of debit and credit cards.

Starting today, you will need a token to make an online payment with a credit or debit card. Let us know why this has been done and what is the reason for bringing this rule by the Reserve Bank. Actually, card tokenization has been introduced to make online transactions secure. RBI has announced this. Its purpose is to keep the consumer's financial information secure and free from fraud when making online purchases. 

What is tokenization?

Options like Net Banking, Credit/Debit Card, mobile Wallet, UPI have made the transaction very easy. However, due to the huge boom in online shopping, there has also been an increase in the cases of data security breaches. The reserve bank of india (RBI) has taken several measures over the years to tackle this cyber security risk. Tokenization is also one of them.

Tokenization is a process in which your credit or debit card details will be converted into an encrypted code. This will be known as a token. Whenever a customer makes a credit or debit card payment at a point of sale machine, online or in an app, their card details will be stored as an encrypted token. Each token is a unique combination of card issuing bank, user and device. Merchants and payment companies will use these tokens only for transactions.

How to tokenize your card?

The credit/debit card tokenization process is very simple. To create a token, you have to follow these few easy steps.

Open the e-commerce website or app.

 After selecting a purchase in the shopping basket, go to Payment Options.

Enter your debit or credit card details at the time of check out.

You will get the option of 'Secure Your Card RBI Guidelines' or 'Tokenize Your Card RBI Guidelines'.

 You have to select this option.

 After submitting the OTP which you received, the option of Generate Token will appear in front of you.

 On selecting it a token will be generated.