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.

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once customer start purchasing an item, the shopkeeper tart the tokenisation and ask for consent to tokenise the card

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the new rules are expected to improve the payment experience of the card holders.

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but earlier the deadline for tokenisation was 1st july but was later extended to 3 months now

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most of the big merchants already complied with RBI new rules and regulations.

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this new rule from RBI will help in storing card details with multiple entities raises risk of data being misused.

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the token representing customer data is going to save in merchant payment system

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in this process actual card details are not shared with shop keepers.

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