Explained | What is tokenisation of debit and credit cards?
2 years, 11 months ago

Explained | What is tokenisation of debit and credit cards?

The Hindu  

The story so far: The Reserve Bank of India on December 23 extended the deadline given to online merchants and financial payments companies for the tokenisation of card data used for online transactions. 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. To overcome this problem, the RBI proposed that online merchants use token numbers instead of card data to store customers’ cards on their platforms. Critics of the RBI’s Order believe that online card transactions are already secure enough since customers need to authenticate transactions through CVV, OTP and other means.

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History of this topic

Mastercard wants to get rid of card numbers for online shopping
3 months, 3 weeks ago

Mastercard wants to get rid of card numbers for online shopping

Live Mint  

-- Mastercard Inc. is expanding its efforts to eliminate the use of credit card numbers when customers make purchases online in a bid to fight fraud. A decade after it first unveiled a technology that replaces consumers’ card numbers with so-called tokens, the company is now processing 1 billion such transactions every week, Chief Executive Officer Michael Miebach said in …

Mastercard Wants to Get Rid of Card Numbers for Online Shopping
3 months, 3 weeks ago

Mastercard Wants to Get Rid of Card Numbers for Online Shopping

Live Mint  

-- Mastercard Inc. is expanding its efforts to eliminate the use of credit card numbers when customers make purchases online in a bid to fight fraud. A decade after it first unveiled a technology that replaces consumers’ card numbers with so-called tokens, the company is now processing 1 billion such transactions every week, Chief Executive Officer Michael Miebach said in …

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here
1 year, 2 months ago

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here

Live Mint  

The RBI governor, Shaktikanta Das, has recently put forward a proposal to implement card-on-file tokenisation functionality at the issuer-bank level in India, reported TOI. While card tokenisation represented a significant reform aimed at bolstering the security of online transactions, the Reserve Bank of India has now introduced an additional layer of protection. As previously mentioned, the RBI has introduced fresh …

RuPay goes live on CVV-less payments for tokenized cards
1 year, 7 months ago

RuPay goes live on CVV-less payments for tokenized cards

Hindustan Times  

RuPay has now introduced the CVV free payment experience for its debit, credit and prepaid cardholders who have tokenized their cards on the merchant application or webpage, National Payments Corporations of India said in a statement on Monday. Tokenization is a simple technology to secure card transactions without sharing clear or real card details with the merchants. On the merchants' …

RuPay goes live on CVV-less payments for tokenised cards
1 year, 7 months ago

RuPay goes live on CVV-less payments for tokenised cards

The Hindu  

The National Payments Corporation of India on Monday said RuPay has now introduced the CVV free payment experience for its debit, credit and prepaid cardholders who have tokenised their cards on the merchant application or webpage. This new CVV-less experience ensures that the cardholder will not have to reach out to their wallet or remember any card details, if they …

How does tokenisation prevent online card fraud?
2 years, 2 months ago

How does tokenisation prevent online card fraud?

The Hindu  

October 18, 2022 10:30 am | Updated 10:30 am IST The story so far: The Reserve Bank of India has mandated the tokenisation of credit/debit cards for online merchants from October 1. Till then, card details for online purchases were stored on the servers of these merchants in order to help customers avoid keying in their details every time they …

How tokenization will change your online purchase
2 years, 2 months ago

How tokenization will change your online purchase

Live Mint  

Tokenizing credit and debit cards is a way to reduce the number of places where your card data can be found. What it is saying is that a merchant like Uber will have to work with payment networks like Visa to convert the card details into a digital token, which is then used to validate transactions. Jio will eye 5G …

New rules for debit, credit cards kick in with tokenisation from today | FULL DETAILS
2 years, 2 months ago

New rules for debit, credit cards kick in with tokenisation from today | FULL DETAILS

India TV News  

Highlights RBI made it mandatory for all credit, debit card data to be replaced with unique tokens by Sept 30 Added security layer by way of tokenisation is expected to enhance users' digital payment experience The deadline was extended multiple times over the past two years at the request of stakeholders Debit credit cards tokenisation: The Reserve Bank of India …

RBI unlikely to extend 30 September deadline for credit, debit cards
2 years, 2 months ago

RBI unlikely to extend 30 September deadline for credit, debit cards

Live Mint  

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by …

Demat account login to credit/debit card new rules from Oct: 5 things to know
2 years, 2 months ago

Demat account login to credit/debit card new rules from Oct: 5 things to know

Live Mint  

Developments relating to our personal finances occur on a regular basis from month to month and must be followed. The above guidelines shall be implemented latest by September 30, 2022.” Master Direction provisions for credit and debit card On June 21, 2022 RBI extended the timeline for implementation of certain provisions of Master Direction – Credit Card and Debit Card …

Debit Card, Credit Card Rule Change: How to Tokenise Your Cards? Here's a Step-by-Step Guide
2 years, 3 months ago

Debit Card, Credit Card Rule Change: How to Tokenise Your Cards? Here's a Step-by-Step Guide

News 18  

From October 1, a new set of rule will come into effect for online payments through debit and credit cards. The credit card and debit card rule change, known as tokenisation, has been notified by the Reserve Bank of India. The RBI has notified these tokenisation guidelines to make the online payment system more secured and safe However, one may …

Credit Card, Debit Card New Rules from Next Month: All You Need to Know About Tokenisation
2 years, 3 months ago

Credit Card, Debit Card New Rules from Next Month: All You Need to Know About Tokenisation

News 18  

The last date to tokenise your credit cards and debit cards is fast approaching, and if you do not follow this new mandate by the Reserve Bank of India, you may have to give more time while making online payments. After a host of delays in implementation, the credit card and debit card tokenisation rules will come into effect from …

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline
2 years, 3 months ago

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline

Live Mint  

Pure play credit card company, SBI Cards & Payment Services is ready in all networks to move towards card tokenisation. To tackle risks involving card storage data, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. Mohan Rao Amara, MD & CEO, SBI Cards and Payment Services on Thursday …

Debit Card, Credit Card Rules: Card No., CVV Must for Each Payment if This is Not Done by Sept 30
2 years, 3 months ago

Debit Card, Credit Card Rules: Card No., CVV Must for Each Payment if This is Not Done by Sept 30

News 18  

Debit Card, Credit Card Tokenisation Rules: The last date for credit card and debit card tokenisation is approaching soon, and the Reserve Bank of India has been notifying users to complete the process before the deadline. The new date for debit card and credit card tokenisation is September 30. Once credit card and debit card tokenisation is done, payment aggregators, …

Have you tokenised your credit, debit card? Deadline next month
2 years, 4 months ago

Have you tokenised your credit, debit card? Deadline next month

Live Mint  

The Reserve Bank of India has made it mandatory for all credit and debit card data used in online, point-of-sale, and in-app transactions to be replaced with unique tokens by September 30 this year. The deadline was extended by three months starting July, Currently, many entities, including merchants, involved in an online card transaction chain store card data like card …

Debit Card, Credit Card Tokenisation: RBI Lists Steps to Tokenise Your Card; Check Here
2 years, 4 months ago

Debit Card, Credit Card Tokenisation: RBI Lists Steps to Tokenise Your Card; Check Here

News 18  

Debit Card, Credit Card Tokenisation Rules: Over a month after extending the deadline to tokenise debit cards and credit cards, the Reserve Bank of India has been notifying users about completing the process as soon as possible. The new date for debit card and credit card tokenisation is September 30. In a recent tweet, the RBI also explained in six …

How Card Tokenization Makes Online Transactions Much Faster, Smoother and Safer
2 years, 5 months ago

How Card Tokenization Makes Online Transactions Much Faster, Smoother and Safer

The Quint  

So why the push for card tokenization? The core Idea behind this was to put an end to the practice of online merchants storing the precious card details of customers which the central bank believed could potentially lead to misuse of cards by fraudsters. There were some initial concerns that tokenization could lead to some inconvenience because customers were used …

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means
2 years, 5 months ago

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means

News 18  

Mumbai, Jun 24: The Reserve Bank of India on Friday extended the card-on-file tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' – thereby enabling more secure transactions. As per the RBI mandate to enhance …

RBI extends deadline for card tokenisation till 30 Sept
2 years, 5 months ago

RBI extends deadline for card tokenisation till 30 Sept

Live Mint  

The Reserve Bank of India on Friday extended the timeline for tokenisation of debit and credit cards by another three months till September 30, 2022. In a statement, RBI said this extended time period may be utilised by the industry for, facilitating all stakeholders to be ready for handling tokenised transactions; processing transactions based on tokens; implementing an alternate mechanism …

Credit, Debit Card New Rule: Enter Card No., CVV Every Time You Pay Online From July or Follow This
2 years, 6 months ago

Credit, Debit Card New Rule: Enter Card No., CVV Every Time You Pay Online From July or Follow This

News 18  

The Reserve Bank of India has said that the payment ecosystem in India is ‘by and large’ prepared to adopt the tokenisation rule from July 1. After the credit card and debit card tokenisation rule gets implemented across the country, domestic online merchants will not be allowed to store customer data on their servers. Once credit card and debit card …

Credit Card, Debit Card Tokenisation From July 1: How to Tokenise Cards, Key Details
2 years, 6 months ago

Credit Card, Debit Card Tokenisation From July 1: How to Tokenise Cards, Key Details

News 18  

Come July 1, debit card and credit card rules with regard to online payments will change for customers across India. This is because the Reserve Bank of India is set to implement the credit card and debit card tokenisation rule whereby online merchants will not be allowed to store customer data on their servers so as to protect their privacy. …

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details
2 years, 6 months ago

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details

News 18  

Debit, Credit Card Tokenisation: From next month, every Indian who does online transactions using a debit or credit card will have to remember their card details every time they make a payment as these rules are going to change from July 1. From this date, the Reserve Bank of India, or RBI, which is in charge of setting banking rules …

What is credit, debit card tokenisation?
2 years, 6 months ago

What is credit, debit card tokenisation?

India Today  

Usually, the card details of a customer making any online transactions are saved from the merchant’s side to the payment aggregators and gateways of acquiring banks. The current card details are replaced by an alternate code known as a token. The token requestor is an entity that accepts requests from the customer for card tokenization and sends them to the …

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This
2 years, 6 months ago

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This

News 18  

Debit, Credit Card Tokenisation: The Reserve Bank of India or the RBI, being thhe central bank of the country, is in charge of protecting the security of all citizens in India who carry out bank transactions. With an aim to protect the security of customers, the RBI last year issued debit card and credit card tokenisation guidelines whereby merchants were …

Debit Card, Credit Card Online Payment Tokenisation Rule Ready to be Implemented, Says RBI
2 years, 6 months ago

Debit Card, Credit Card Online Payment Tokenisation Rule Ready to be Implemented, Says RBI

News 18  

RBI MPC Meet: Reserve Bank of India deputy governor T Rabi Sankar on Wednesday, June 8, said that the payments ecosystem in India is ‘by and large prepared’ for implementation of the tokenisation system for card-based transactions, including online transactions. The RBI deputy governor’s comments came weeks ahead of the June 30 deadline after which the new tokenisation norms will …

RBI new rules on issue of credit cards, debit cards: All you need to know
2 years, 8 months ago

RBI new rules on issue of credit cards, debit cards: All you need to know

Hindustan Times  

The Reserve Bank of India on Thursday announced new rules for the issue of credit cards and debit cards, as well as directions to issuing agencies. these Directions relating to debit cards shall apply to every bank operating in India." Consent for the issue of cards must be explicit; written consent is needed before a credit card can be issued. …

New Online Card Payment Rules Delayed To July 2022: Details
2 years, 11 months ago

New Online Card Payment Rules Delayed To July 2022: Details

News 18  

Apps and websites like Amazon, Flipkart, Zomato, and more will not be able to save your card information on their platforms, according to new guidelines from the Reserve Bank of India. In a press release, RBI said that tokenisation of card data shall be done with explicit customer consent requiring additional authentication. Tokenisation helps apps to replace card details with …

RBI defers tokenisation deadline by six months
3 years ago

RBI defers tokenisation deadline by six months

The Hindu  

The Reserve Bank of India has decided to defer the implementation of tokenisation of debit and credit cards for online transactions by a further six months following representations from stakeholders. “The timeline for storing of CoF data is extended by six months till June 30, 2022; post this, such data shall be purged,” the central bank said on Thursday. “In …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

Merchants rush to meet RBI’s card payment rules
3 years, 1 month ago

Merchants rush to meet RBI’s card payment rules

Live Mint  

Payment companies in India have started offering solutions to help merchants speed up tokenization of card payments, in line with the central bank’s mandate, but they fear merchants may not be able to meet the deadline, causing disruption of services similar to the one seen in October when rules on recurring payments were enforced. Following the notification, Razorpay, PayU, PhonePe, …

Visa launches India’s first card-on-file tokenization service
3 years, 2 months ago

Visa launches India’s first card-on-file tokenization service

Live Mint  

Digital payments firm, Visa, has launched India’s card-on-file tokenization services in India, in line with the recently issued Reserve Bank of India guidelines. It further added that RBI’s new guidelines are expected to enhance consumer trust in e-commerce payments, ensure seamless transaction experience as well allow card issuers the comfort of authorizing a higher number of transactions. Ramachandran, group country …

RBI wants you to memorise all your debit, credit card numbers, expiry and CVV | Here's why
3 years, 4 months ago

RBI wants you to memorise all your debit, credit card numbers, expiry and CVV | Here's why

India TV News  

Memorising 16-digits debit cards or credit cards numbers is a difficult task. All this to prevent online merchants, e-commerce websites, and payment aggregators to store the card details of a customer online or on their servers or databases. The revised regulations prevent payment aggregators, e-commerce websites and online merchants like Amazon to Flipkart to Google Pay to PayTM to Netflix …

RBI restricts Mastercard from acquiring new customers from July 22
3 years, 5 months ago

RBI restricts Mastercard from acquiring new customers from July 22

Hindustan Times  

The Reserve Bank of India on Wednesday barred Mastercard Asia Pacific from onboarding new debit, credit, or prepaid card customers from July 22, 2021, for failing to comply with its data storage norms. The central bank said that Mastercard failed to comply with the “directions on Storage of Payment System Data” even after being given “considerable time and adequate opportunities.” …

RBI Bars Mastercard from Acquiring New Customers in India from July 22
3 years, 5 months ago

RBI Bars Mastercard from Acquiring New Customers in India from July 22

News 18  

The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on …

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it
3 years, 7 months ago

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it

News 18  

Amid rising cases of banking frauds in the country, the Reserve Bank of India has introduced several measures for secure debit and credit card transactions. For online transactions: To enable any other facilities including online transactions, international transactions and contactless transactions in the debit and credit cards, customers need to approach the bank. How to activate online transactions in your …

Banks Can Now Disable Debit Or Credit Cards For Online Transactions. Know What It Means To You
4 years, 2 months ago

Banks Can Now Disable Debit Or Credit Cards For Online Transactions. Know What It Means To You

ABP News  

In order to secure banking transactions and curb misuse of cards, the central bank has issued new guidelines that have been effective starting October. CBDT Extends Belated, Revised ITR Filing Deadline For AY 2019-20 | Check Details From this month onward, all the new debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs …

Debit Card, Credit Card new rules come into force from October 1. All you need to know
4 years, 2 months ago

Debit Card, Credit Card new rules come into force from October 1. All you need to know

India TV News  

In an attempt to make online and card payments more secure, the Reserve Bank of India has issued new guidelines that will be effective from October 1, 2020. RBI's new guidelines for Credit, Debit card holders: As per new rules, people will now be able to register for preferences such as opt-in or opt-out services, spend limits and other services …

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