New credit, debit card rules to come into effect from January 1: What it means for you?

The way people use their credit and debit cards for online transactions will change from January 1, 2022 as the RBI's new tokenisaton rule comes into effect. Here is all you need to know.

The way individuals use their credit and debit cards will change from January 1, 2022. To make online payments more secure, the Reserve Bank of India (RBI) had asked all merchants and payment gateways to delete sensitive customer data available at their end.

RBI’s new rule, which comes into effect from January 1, mandates all merchants to use encrypted tokens to carry out transactions.