Over the years many people were duped by cyber fraud as they stored their card data on merchants website for future payments.
Let us understand what these new norms are and why you should tokenize your card.
Firstly, tokenization means that your card details such as the 16-digit number, name, expiry date and codes that you used to save earlier for future payments will now be replaced by a token. The token is used by the merchant’s website for transactions.
RBI is implementing these tokenization norms to secure the card details of the customers. Currently, bank card details are saved by a merchant during a transaction. If, the merchant’s website is hacked, the details of the customers will be exposed.
After the implementation of these norms, the data of all the customers will be with the bank and not with the merchant website.
secure / tokenize Also helps you save yourself from the hassle of entering your complete card details every time.
Customers will not have to pay any charges for availing this service.
Once these norms come into force, customers will have to follow the steps given below to get tokenization of their cards.
Step 1: Visit your preferred online application/website to purchase grocery, pay bills or order food and initiate transactions.
Step 2: In the check-out page, select HDFC Bank Credit/Debit Card and provide cvv
Step 3: Check the check box “Secure your card” or “Save card as per RBI guidelines”
Step 4: Enter OTP received on your registered mobile number
Step 5: Congratulations!!! Your card details are now secure.
Once the customer tokenizes their cards, they will be able to identify their details on the merchant’s website using the last four digits of the card, which is the only data that the merchant will be able to save on their portal.
In addition, banks will provide a portal for their customers to view or manage their token cards.