What is RBI Tokenization? How can You Tokenize Your Credit & Debit Cards as per RBI Guidelines

What is RBI Tokenization:- There is big news for credit card and debit card holders in India. In fact, the payment rules will change from October 1, 2022. The Reserve Bank of India (RBI) Card-on-File Tokenization / CoF Card Tokenization Rule will come into effect on October 1, 2022. The RBI tokenization system will actually prove to be extremely beneficial for the users. On the one hand, this improves the payment experience for users, and on the other hand, transactions with credit and debit cards are more secure than before.

Online payments have increased a lot since the Corona period as we could not go outside and therefore relied on online services. Most people now use debit and credit cards, and the way people pay online has increased, as has fraud. In such a situation, to prevent these racket, RBI has asked to problem a unique token by confluent all credit & debit card details into one online, at POS and in in-app transactions.


RBI Tokenization

What's In the Article

Firstly, What is RBI Tokenization means that your card information (debit card, credit card), such as B. 16-digit number, name, expiration date and code, previously saved for future payments. and they are replaced by a token. The token is used by your merchant official website for the transaction. When you order goods online, your card details will appear immediately on the website, which will include the card number and your name.

You will be asked to enter CVV then OTP will come and after filling it the transaction will be complete but now it won’t work anymore. As of October 1, 2022, the Reserve Bank has asked all companies including Swiggy, Amazon, Myntra, Flipkart, Zomato, etc. not to retain consumer card data such as card number, CVV, and expiry date.

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RBI Tokenization

RBI Tokenization Overview

Article Name What is RBI Tokenization?
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RBI Tokenization 2023 Complete Information

Authority Name Reserve Bank of India
Scheme/service Name Tokenization
Purpose of Tokenization Safeguard the customer’s credit card and debit card from any cyber fraud
Date of Implementation 1 October 2023

Card Tokenization Benefits

  • The Reserve Bank of India implements these standards to protect customers’ card information.
  • Currently, bank card information is stored by the merchant during a single transaction. In such a situation, if the merchant’s website is hacked, the information of the customers will not be safe either. With card tokenization, however, all customers’ data resides with the bank and not on the merchant’s website.
  • Tokenization will too save you the hassle of entering your card details every time.
  • The customer does not have to remember the token number, as it remains with the merchant and is, in a sense, the confidential code of your card.
  • After cyber fraud, banks around the world are now protecting card data. So your token is different at each merchant or e-commerce portal, reducing the risk of card data being stolen.

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Steps For Token Generate Tokenization

The Reserve Bank of India (RBI) will be closed amid complaints related to debit or credit card abuse starting next month i.e. H. starting October 1, 2022, to implement their standards for card-on-file What is RBI Tokenization. This is happening in the face of increasing instances of debit or credit card abuse.

  • When you visit an e-commerce site or app to make a payment, you need to provide the details of the card you’re making the payment from.
  • Then you need to secure the card. In order to tokenize your card according to What is RBI Tokenization instructions, you will need to select the “RBI guidelines for securing your card” option to do so.
  • After that, you need to click on the OK creation option. To complete this process, the OTP will appear on your phone and in the email address associated with the bank, which you will need to re-enter.
  • Then your token will created. In this your card data will saved in a token.
  • The next time you make a payment through an e-commerce provider or app, only the last four digits of your card number will be visible to identify your card.
  • In this way, your card data is stored in the form of a token and is also secure. With it, you can easily make payments.

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