Debit Card, Credit Card Rules: Card No., CVV Must for Each Payment if This is Not Done by Sept 30

Debit Card, Credit Card Tokenisation Rules: The last date for credit card and debit card tokenisation is approaching soon, and the Reserve Bank of India has been notifying users to complete the process before the deadline. The central bank has been reiterating the use and perks of tokenising one’s debit and credit cards and has been running an online campaign. The new date for debit card and credit card tokenisation is September 30.

What is Debit Card, Credit Card Tokenisation?

As per the RBI website, “Tokenisation refers to replacement of actual card details with an alternate code called the “token”, which shall be unique for a combination of card, token requestor (i.e. the entity which accepts request from the customer for tokenisation of a card and passes it on to the card network to issue a corresponding token) and device (referred hereafter as “identified device”).”

This token contains no personal information that can be directly accessed and keeps changing making it the most secure method to complete payments, says India’s largest public sector bank State Bank of India on its website. Once credit card and debit card tokenisation is done,  payment aggregators, wallets and online merchants will not be able to store your card data including debit or credit card number, CVV, card expiration date and other sensitive information. Banks and online merchants have been sending alerts to their customers already to tokenise debit or credit cards.

Is Tokenisation Mandatory?

It must be noted that debit and credit card tokenisation is not mandatory. A customer can also choose not to tokenise their cards but in that case paying online will take more time. If you do not tokenise your card by September 30, you will have to re-enter all card details while purchasing anything online. This is because existing data will be deleted from the server.

How to Tokenise Debit and Credit Cards?

The card holder can get the card tokenised by initiating a request on the app provided by the token requestor, which is the customer. The token requestor will forward the request to the card network which, with the consent of the card issuer, will issue a token corresponding to the combination of the card, the token requestor, and the device. Read the detailed process here.

In late June, the RBI had extended the timeline on credit card and debit card tokenisation, by three months till September 30. The rules were earlier supposed to be complied with from July 1. The move came after industry stakeholders highlighted some issues related to the implementation of the framework in respect of guest checkout transactions.

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