New Debit Card, Credit Card Tokenisation Rules To Change From July 1 | All You Need to Know

Now from July 1, 2022, online merchants will have to delete customers' debit and credit cards' data from their records.

Credit, Debit Card New Rules Latest Update: Here comes a big news for the credit and debit card holders. From July 1 onwards, the online merchants will not be able to store customers’ card data. As per the RBI guidelines, these card tokenisation rules will come into effect from July 1, 2022. 

Keeping in mind the customers safety, the Reserve Bank of India (RBI) had last year had issued debit and credit card tokenisation rules. As part of the new rules, the merchants were barred from storing customer card data in their servers.

In the guidelines, the central bank had made adoption of card-on-file tokens for domestic online purchases mandatory. Moreover, the deadline for adoption of card tokens was extended from January 1, 2022 to July 1, 2022.

The card tokens will be stored as an encrypted “token” to help customers make their transactions secure. Moreover, these tokens will also allow payment to be made without disclosing any details of the customer. The RBI in its guidelines has made it mandatory to replace the original card data with an encrypted digital token.

Now from July 1, 2022, online merchants will have to delete customers’ debit and credit cards’ data from their records.

The debit card and credit card holders must note that the tokenisation system is totally free of charge and it provides smooth payment experience for the customers while securing one’s card’s data.