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RBI new rules for online Credit & Debit cardholders

 
There is an important milestone for credit and debit card users in India. From next year, the Reserve Bank will be introducing new rules on all debit and credit card transactions. RBI is coming up with new rules aimed at making debit and credit card transactions safer. RBI has issued key directives for online transactions using credit and debit cards. Credit card and debit card details already deposited on the respective websites and payment gateways are no longer deposited. New rules come into effect from January 01st, 2022.



According to RBI's new rules, RBI has said that websites, apps, and other credit card and debit card details should not be stored while shopping or making digital payments online. From next year, when shopping online, be sure to keep track of 16-digit debit and credit card numbers as well as CVV and expiration dates. If this is not possible then the tokenization method should be used. The RBI revealed this in March 2020 itself. According to Data Security regulations, Websites and apps are ordered not to store customer card details. If customers do not remember 16 digit credit and debit card details while making online transactions.


The tokenization method can be used. With this system, the respective credit and debit card users do not have to disclose their card details. Banks provide an alternative encrypted code instead of the original card number. This is called a token. It is sufficient to provide this code at the time of the transaction. In tokenization, the actual card details are replaced with a unique alternate code known as ‘token’. The tokenization process will lead to the customer's card details being kept in a secure manner.
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