This means that businesses like Uber, Swiggy, Amazon etc. will only be able to allow repeat purchases using tokens instead of card information. Therefore, customers using such services: Indicative words their cards. Note that on or after September 30, 2022, cards without tokens will be erased and you will have to enter the card details every time for every transaction. To avoid this, you will need to give a one-time consent to tokenize your card data in order to continue using the saved card for payments without any hassles.
What is tokenization?
According to the RBI FAQ on Device Based Tokenization, “Tokenization refers to the replacement of the actual card details with an optional code called “token”, which shall be unique to the combination of the card, the token requester (i.e. the entity that accepts the request). Client for tokens of a card and passes it to the card network to issue the corresponding token) and the device (hereinafter referred to as the “identified device”).
According to the Uber website, here are some important FAQs about card tokenization and tokenizing cards for seamless Uber services
What is Network Tokenization?
According to the Uber website, “Network tokenization means replacing the card details (card number/expiry date) with a unique value called ‘token’ issued by the card network. From 1 October 2022, merchants operating in India Storing details of cards issued by India is not allowed.All merchants must delete the card information stored with them and can use network tokens only for repeat transactions.
How are you affected as a user?
For existing cards, you now need to provide one-time consent to secure your card by clearing the pending payment through the saved card. This consent needs to be provided before 30 September 2022.
Compulsory consent is required when adding a card for a new card. Cards will not be stored on Uber without consent.
What happens if I do not provide consent by 30-Sep-22?
Without a token, your card information will be deleted and you will no longer be able to use it to transact on Uber. You will need to re-add non-tokenized cards to use them as a payment method for your rides on Uber.
How do I tokenize my card on Uber?
To provide consent for a saved card, follow the steps below:
Step 1: Please make sure you have the latest version of the Uber app
Step 2: Book a ride on Uber
Step 3: Choose the card as your payment method
Step 4: Once the trip is complete, select a saved card to clear your payment
Step 5: A consent pop-up will appear on the screen. Click on “Agree & Continue” and complete the OTP authorization