Tillnow bank customers are using debit and credit cards for online purchases. They are saving their card details, card expiry date, cvv etc on the e-commerce platforms for easy use. But it would not be possible from January 2022! To know the reason why, read the full story
What upto Now– Customers are saving their card details on the e-commerce sites and trading platforms tilldate. It saves time to do online transactions much faster as there is no need to remember the card details. Only OTP received on the mobile is the key to perform the transactions more securely.
What’s To Be Changed– To protect the customers from cyber attacks, on the guidance of RBI, Banks authorised online platforms(including e-commerce sites) not to save customers card details with effect from January2022.
Thatmeans From January 2022 onwards, bank customers have to manually enter the card details, card holders name, expiry date, cvv details to process the transaction or either choose “Tokenisation”Route.
What is Tokenisation and How To use it- If the customer thinks that it is difficult to remember the 16 digit card number details, he/she can request for an Temporary “Encrypted Code” which can be utilised in online transactions instead of credit/debit cards.
That Encrypted Code is known as “Token” and it has to be utilised instead of card details.
Almost all banks are offering “Tokenisation Scheme” where you can avail from your concerned bank upon request.
So from January 2022, Bank customers have to either- Enter Card Details Manually(For Each Transaction)or utilise Tokenisation Method. Be alert and choose either of the two.