This is the tokenization of the transaction – beginning of a new era in the Indian banking.
Now there are new rules in the market regarding your Debit and Credit cards. You need to know how are the going to effect your financial life.
How the new card rules will affect you- is the question of the day which invites your attention as a must.
The RBI has rolled out new rules regarding the usage of users’ debit and credit card which were made mandatory to follow. And the reason behind this update is the safety and security of the users’ money.
Just four more days to go, from October 01, 2022 the rules for online payments for debit and credit cards will be different. RBI has introduced now a token system attached with your cards. Henceforth, from the first day of the next month it will be compulsory for all users where the credit and debit card data used in online, point-of-sale, and in-app transactions will be replaced with tokens.
Earlier, the deadline for this new transaction style was July which then was extended by three months to October. This is the tokenization of the transaction – beginning of a new era in the Indian banking.
Now what is going to happen after tokenization transpires? The answer is this will safeguard your card more with the added layer of security for debit, credit card holders’ money. This will also enhance users’ digital payment experience.