What is debit, credit card tokenisation? What are new rules for online transactions?
Under tokenisation services, a unique alternate code is generated to facilitate transactions through debit, credit cards
Come July 1, merchants, payment aggregators, payment gateways and acquiring banks can no longer store the card details of customers. Businesses and other entities that have stored any such data will have to purge them and apply tokenization. All debit and credit card holders must take a note that the Reserve Bank of India (RBI) has legislated the introduction of tokenisation of card transactions, with a deadline of June 30, 2022.