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    Online payment New Rule: Online payment rules will change from January 1, you should know


    New online payment rules: Reserve Bank of India had announced changes in online payment rules last year. In September this year, the RBI gave time to online merchants to start implementing tokens by the end of the year. Banks have been giving information to their customers from time to time regarding the tokenization system.

    Digital payments are increasing continuously in the country. Now most of the people are using online payment for ordering food, booking a cab or for any other shopping. But as the world of digital payment is increasing, the incidents of cyber fraud are increasing with its speed. Cyber ​​criminals are engaged in using new technologies and apps to steal people’s data and steal their money.

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    In order to provide better security to the people and make online payments secure in view of all these threats, the Reserve Bank of India (RBI) has issued user details and debit and credit card details to all merchants and payment gateways. asked to remove.

    New rules will be applicable from January 1 (Online payment new rules)
    After the order of RBI, merchants and payment gateways will have to delete all the information of users stored on their servers. This means that you will now have to enter complete card details to make payments on the websites.

    Banks have started telling their customers about the new rules. HDFC, one of the leading private banks, is sending a message to its customers that they will either have to enter full card details or opt for tokenisation.

    What is tokenization
    At present, 16 digit number of debit or credit card, expiry date of card, CVV and one-time password have to be entered for online payment or transaction. Your card number is stored on the payment app or online shopping platform and you can make payment by just entering CVV and OTP. But now it will not happen.

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    Tokenization assigns an alternate code to the actual card number, which is called a “token”. With the help of tokenization, the cardholder does not have to share all the details of his debit or credit card. Tokenization is the replacement of the original card number through an alternate code. This code itself is called token.

    Tokenization will be unique for each card, token requester and merchant. Once the token is created, the tokenized card details can be used in place of the original card number. It is being said that this system is considered more secure for online payment.

    How is tokenisation safer
    According to RBI, tokenized card transactions are considered secure as the actual card details are not shared with the merchant during online payments through it.

    The actual card data is collected by the token card network in a secure mode. RBI also said that converting the token back to the original card details is known as de-tokenisation. The customer will not have to pay any charges for availing this service.

    What will change from January 1)
    From January 1st in the new year, when you make an online payment to someone, you will have to give your consent with an additional factor of authentication-AFA. Once done, you will complete the payment by entering your card’s CVV and OTP.

    Tags: cyber crime, cyber fraud, digital payment, reserve Bank of India

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