Explained | What is tokenisation of debit and credit cards?
The Hindu
The RBI in March last year came up with new rules to enhance the security of online transactions made using debit and credit cards.
The Reserve Bank of India (RBI) on December 23 extended the deadline given to online merchants and financial payments companies for the used for online transactions. Online merchants and financial payments companies have been lobbying the RBI to extend the deadline saying that they lack the infrastructure necessary to comply with the RBI’s Order by December 31, 2021. So, on Thursday, the .
The RBI in March last year came up with new rules to enhance the security of online transactions made using debit and credit cards. It wanted to put an end to the practice of online merchants storing the card details of customers, which the Central bank believed could lead to misuse of cards by fraudsters. Storing card details on merchant platforms, however, made it easier for customers to carry out online purchases. For example, customers frequently store their card data on sites such as Amazon and Zomato. If this weren’t possible, customers would have to enter their card details each time they wanted to make a purchase.
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