Most of the people have started using credit cards and debit cards to buy goods. Although these are simple to use, they are also fraught with danger. Credit and debit card frauds are on the rise in recent times. The Reserve Bank of India has decided to take some measures to prevent such frauds. To ensure the security of cardholders, the RBI has introduced Card-on-File Tokenization rules from October 1. It is said that this will save the details of the cardholders and prevent fraud.
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It was supposed to be implemented from January-1, 2022, but it was postponed to July-1, and now these rules are to be implemented from October-1. Cards are tokenized so merchants cannot store any of the cardholder’s data, the 16-digit digital card number is converted into a token by the card network and sent to the retailer. Tokenization shall be done through an authorized network and the cardholders shall not be required to pay any fee for tokenization.
Tokenization is done at the discretion of the cardholders so that customers can pay charges without any fear by converting them into tokens. Any problem with the cards after tokenization can be reported to the card issuer.
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