RBI Extends Card Tokenisation Deadline For 6 Months Till 30th June 2022, Know Details Here


RBI Extends Card Tokenisation Deadline: RBI has extended the card tokenization deadline, which is going to be implemented from January 1, 2022, till June 30, 2022. The new rule will now be applicable after 30 June 2022. After June 30, traders will have to delete the data of the customer’s card by taking all the online portals. RBI has issued these orders to all payment systems. In fact, digital payment companies Merchant Payments Alliance of India (MPAI) and Alliance of Digital India Foundation (ADIF) expressed concern about the new rule and demanded extension of the time limit for implementation of the rule.

With the rise in digital usage increasing in the country, more and more people are using online payments to book hotels, shops or cabs. But in the digital world, cybercriminals are waiting to grab the data of the users. In order to provide better security to the people and make online payments secure, the Reserve Bank of India (RBI) has asked all merchants and payment gateways to delete the debit and credit card details that are stored there.

what does this mean?

After the implementation of RBI’s Card Tokenisation Rules, merchants and payment gateways will have to delete the customer’s card data stored on their servers. This means the user has to enter complete card details to make payment on merchant websites. Banks had started telling their customers about these changes. HDFC was sending an SMS to its customers informing them that they would either have to enter the complete card details or opt for the token.

What is tokenization?

As per the existing rules, the transaction is based on the complete 16-digit card number, expiry date of the card, CVV and one-time password or OTP (in some cases also transaction PIN). Tokenization is the ability to replace the actual card number with an alternate code, called a “token”.

How secure is tokenization?

According to RBI, tokenized card transactions are considered secure as the actual card details are not shared with the merchant during the transaction. In this, the details of the customer’s card cannot be saved. As per RBI
The conversion back to the original card details is known as de-tokenisation. The customer will not have to pay any charge for availing this service.



(This is an auto-generated article from syndicated news feed. TEAM BEPINKU.COM may not have modified or edited the article).

About the Author: TEAM BEPINKU.COM

We share trending news and latest information on Business, Technology, Entertainment, Politics, Sports, Automobiles, Education, Jobs, Health, Lifestyle, Travel and more. That's our work. We are a team led by Mahammad Sakil Ansari.

You May Also Like