Persons who make online payments must be aware of this important change from 1st January!!
Posted on: 23/Dec/2021 9:11:29 PM
In recent times, people order food and taxis etc by means of online payments is known fact. The usage of digital money has increased now than before. It must be noted that the public find online payment easy. Inspite of this huge benefit, online payments have led to more threat from the cyber criminals. The hackers have become busy in stealing the user�s information. There are many incidences of public losing their hard earned money to the cyber criminals.
It is now said that to protect the public and to make online payments safe, RBI gas asked all the merchants to delete payment gateway, plus important customer details regarding the credit and debit cards of the customers. Beginning from 1st of January 2022, these new rules would come into effect. It is learnt that merchants and payment gateways would have to delete all the information stored in the server. Hereafter, on user websites, a user must enter full card details for the purpose of making online payments. The banks have begun notifying the customers regarding various changes.
Leading bank namely HDFC Bank has been sending text messages to its customers regarding entering full card details for online payments done or to choose tokenization.
What is Tokenization:
It is important to note that under the current system transaction processing is based on the correct 16 digit card number, card expiration date, CVV and one-time password or OTP valid values. Replacing the actual card number with alternative code is termed as tokenization. Truth is that the tokenization process is regarded as very safe because actual card details are not shared with the merchants during the transaction.
Authorized card networks would be storing the actual card data, token and other details etc in a secured way. In accordance with the internationally best practices and globally accepted standards, card networks are also needed to get token claim verification.
