New credit, debit card rules from January 2022
Credit and Debit cards for online transactions will change from January 1, 2022
To make online payments more secure, all merchants and payment gateways to delete sensitive customer data available at their end.
To pay each time, enter full card details or opt for tokenization
Mandates all merchants to use encrypted tokens to carry out transactions.
Merchants will not be allowed to save users’ card information on their websites.
New RBI Guidelines means online payments to see some chaos in new year
many banks have already started informing customers about the change payment rules
The tokenisation process will help make online card transactions more secure
The card network will then create a token, which will act as a replacement or proxy for the 16-digit card number