September 30 Deadline For Credit, Debit Cards
The Reserve Bank of India has mandated that all credit and debit card data used in online, point-of sale (POS), or app transactions be replaced with tokens starting September 30th 2022.
The safety and convenience of making payments with a debit or credit card is now easier than ever before
Thanks to tokenisation, your sensitive information like bank account numbers will no longer be revealed when you make purchases online!
Referring to the RBI's definition of tokenization, this means replacing your actual card details with a unique code called “the tokens” which can be used instead.
The process occurs when you request that they switch out all identifying information about who issued it
what kind of payment was being made so no one but those involved know anything relevant at any given time - including potential thieves
The recent changes to the way we use our cards are going through a lengthy process, with keen representations being made by many different parties.
Murari Sridharan, Chief Technology Officer at BankBazaar.com says that with card tokenisation they can remove all sensitive data from transactions and make them more secure by substituting it
This means there will be an additional layer of complexity in your IT structure since you'll need some software or hardware to support this new system