Credit Card Tokenisation: Key Questions Answered

Credit Card/Debit Card Tokenisation w.e.f July 1: Important Details

Published On: 24 Jun 2022

 

 Effective July 1, RBI would be implementing the tokenisation rule for debit and credit cards. As per the new rule, online merchants will not be able to store the customer's credit card or debit card details in their system. This move is implemented in order to protect customer privacy.

Instead, a card-on-file (CoF) tokenisation will be adopted when making online domestic transactions. Most customers who make frequent transactions online might have already received the notification from various online merchants to tokenise their card. In case you haven't tokenised your debit or credit card yet, below we have listed the steps for the same

How to get Your Card Tokenised?

• Step 1: Go to your most frequented online purchase page
• Step 2: Once you have added items to the cart, go to the checkout page
• Step 3: Click on ‘Payment Option’
• Step 4: Enter your debit card or Credit card CVV details
• Step 5: Next, click on the option “Secure your card” or “Save card as per RBI guidelines”
• Step 6: You will get an OTP on your registered mobile number
• Step 7: Once you submit the OTP, details about your credit card or debit card will get tokenised

Is Credit Card/ Debit Card Tokenisation Compulsory?

It is not mandatory for a customer to get his card tokenised online. However, if the customer does not opt for getting his card tokenised at his/her frequented online merchant, he/she will have to manually add all the card-related details every time when making online purchases.

Are there any Fees Required to Tokenise your Card?

No charges are applied to get your credit card or debit card tokenised. Moreover, the request for card tokenisation will only be processed after getting the customer’s consent.