New credit and debit card rules from October 1: Know their impact on you
RBI had released new statement that is a shopper need to enter entire card details when they shop for something.
once customer start purchasing an item, the shopkeeper tart the tokenisation and ask for consent to tokenise the card
the new rules are expected to improve the payment experience of the card holders.
but earlier the deadline for tokenisation was 1st july but was later extended to 3 months now
most of the big merchants already complied with RBI new rules and regulations.
this new rule from RBI will help in storing card details with multiple entities raises risk of data being misused.
the token representing customer data is going to save in merchant payment system
in this process actual card details are not shared with shop keepers.