reserve Bank of India (RBI) has mandated that all credit and Debit Card Data online, point-of-sale and in-app transactions will be replaced with unique tokens until September 30, 2022 (extended from June 30, 2022).

The token will enhance the payment experience of the cardholders through an additional layer of security. According to RBI, “Tokenization refers to the replacement of the actual card details with an alternative code called “token”, which will be unique to the combination of the card, the token requester (i.e. the entity that accepts the request from the customer). tokenization of a card and sends it over the card network to issue the corresponding token) and the device (hereinafter referred to as the “identified device”).

This additional time frame can be used by the industry for the following purposes.

(a) Facilitating the preparation of all stakeholders to handle token transactions.

(b) processing token transactions.

(c) establish alternative mechanisms to handle all post-transaction activities (including chargeback handling and settlement) related to guest checkout transactions that currently involve or require the storage of COF data by entities other than the card issuer and the card network .

(d) Educating the public about the creation of tokens and their use in transactions.

Here are six easy steps to tokenize your card as per RBI’s tweet:

As per RBI’s tweet: “Want to generate token for your debit/ Credit Card, Follow these 6 simple steps to tokenize. It’s easy, it’s safe, it’s convenient.”

Step 1: Get Started

Visit any e-commercial merchant website or application to make purchases and initiate payment transactions.

Step 2: Choose your card

During check out, enter your debit, credit card details saved earlier as payment method and enter other details.

Step 3: Secure your card

Select the option “Secure your card as per RBI guidelines” or “Tokenize your card as per RBI guidelines”.

Step 4: Agree to generate the token

Enter the OTP sent by your bank to your mobile phone or email and counter the transaction.

Step 5: Generate Token

Your token is generated and saved instead of your actual card details

Step 6: Tokenized

When you visit the same website or application again, the last four digits of your saved card are displayed to help you identify your card for making payments. tokenized!