MUMBAI: After receiving numerous complaints about the misuse of debit or credit cards, the Reserve Bank of India (RBI) is prepared to implement its card-on-file tokenization regulations as of October 1.

Many people were cheated in the last few years by cyber frauds because they have stored their card data on the merchant's website for future payments.

In this context, it is important understand what these new norms are and why you should tokenise your card.

To begin with, tokenization entails that a token will now take the place of the card details that you previously saved for use in future payments, such as the 16-digit number, names, expiration dates, and codes. The merchant's website uses the token to complete the transaction.

To protect the security of the customers' credit card information, the RBI is putting these tokenization standards into practise. Currently, a merchant saves the bank card information during a transaction. The information of the customers will be made public if the retailer's website is breached.

Following the implementation of these regulations, all customer information will be stored by the bank in stead of the retailer's website.

You can also avoid the headache of repeatedly entering your whole card details by using security/tokenization.
Customers are not required to pay any fees in order to use this service.
Following the adoption of these regulations, customers must take the actions listed below in order to tokenize their cards.

Step 1: To start a transaction, go to your favourite application/website online store to buy groceries, make a payment, or order food.

Step 2: Choose HDFC Bank Credit/Debit Card on the checkout page, then enter the CVV

Step 3: Select "Secure your Card" or "Save Card as per RBI rules" from the drop-down menu.

Step 4: Key in the OTP that was sent to your registered cell phone number.

Fifth step: Congratulations! Your card information is now protected.

The final four digits of the card, which are the only information the merchant will be able to save on their portal, will be used by the consumer to identify their details on the merchant's website once their cards have been tokenized.
Further, banks will provide a portal for their customers to view or manage their tokenised cards.

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