RBI ready for card tokenisation from October 1

RBI ready for card tokenisation from October 1; what it means for customer

The RBI is implementing these norms of tokenisation in order to secure the card details of the customers.

[{"selector":"#anim-7cefcc2e-679e-46f9-88f3-588b0105a6af [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17582407980369%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

Currently, the bank card details are saved by a merchant during a transaction.

[{"selector":"#anim-dce4deb8-c1e8-4769-9a92-9da2407bbc63 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17582407980369%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

If, the merchant's website is hacked, the details of the customers will be exposed.

[{"selector":"#anim-971bb206-1f6f-4a10-93ea-66d982741dce [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17582407980369%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

The Reserve Bank of India (RBI) is finally introducing its card-on-file tokenisation norms from October 1 after missing deadlines set earlier

[{"selector":"#anim-b2e86fcf-1106-40f5-b54c-7b91eaf64918 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17582407980369%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

The card tokenisation norms were under consideration for some time in view of growing incidents of the misuse of debit or credit cards.

[{"selector":"#anim-6e7a526e-1d2e-4b0e-a81c-cd6d5b6ad8aa [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17582407980369%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

Tokenisation means the details of your cards such as 16-digit number, names, expiry dates and codes which you used to save earlier for the future payments will now be replaced by a token.

[{"selector":"#anim-5b89cafb-bf0f-4a04-9bc2-12ab20d14475 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17582407980369%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]

The RBI is implementing these norms of tokenisation in order to secure the card details of the customers.

[{"selector":"#anim-acb08c69-f687-473d-95a7-bfde4146fa8e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17582407980369%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}]