Credit card new rules 2022 :The new rule will come into effect from July 1, 2022 with respect to credit card and debit card online payments. Here’s the detail about that.
Good news for credit and debit card holders soon, and online shoppers will be unable to collect customer card data from July 1, 2022. The Reserve Bank of India (RBI) last year issued a set of debit and credit card tokenization rules for consumer protection.
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Credit card new rules 2022
| RBI New Rules on Card | The RBI Guidelines mandate replacing the original card data with an encrypted digital token |
| From | July 1 2022 |
| official website More information | https://m.rbi.org.in |
card tokenization rules
Under the rules, merchants are restricted from collecting customer card data on their servers. These card tokenization rules are now effective July 1, 2022. RBI has made card-on-file tokens mandatory for domestic online purchases. The deadline for adoption of card tokens across the country has been extended from January 1, 2022 to July 1, 2022 for six months.
From July 1, 2022
Stored as an encrypted “token” to help customers make secure transactions. These tokens allow customers to pay without disclosing details. The RBI Guidelines mandate replacing the original card data with an encrypted digital token. Therefore, from July 1, 2022, merchants are required to delete customer debit and credit card data from their records.
Card tokenization system is not mandatory.
Card tokenization system is not mandatory. Customers therefore need to enter all card details, such as name, card number and card validation, instead of entering a card verification value or CVV each time a customer makes an online payment unless they have agreed to the tokenization of their card.
Credit card new rules 2022 Smooth payment experience
At the same time, if the customer agrees to card tokenization, cardholders will only need to enter CVV or One Time Password (OTP) details when transacting. The tokenization system is completely free and provides a smooth payment experience while securing one’s card’s data. Also, tokenization only applies to domestic online transactions.
Admission Factor Authentication
According to the RBI, registration of the tokenization request is done only with explicit customer consent through Admission Factor Authentication (AFA) and not by forced or default or automatic selection of the check box, radio button, etc.
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