Rules for Debit/Credit Cards: For individuals who use credit and debit cards, there is some exciting news. Nowadays, a debit or credit card is used by every second person. You should be aware of such a situation before any changes are made. The Reserve Bank will significantly alter the card’s rules effective October 1.
The new rule will be applicable from October
Let us inform you that the rules governing the banking industry will undergo a significant shift as of October 1. For this, the RBI has also issued a directive. According to the Reserve Bank, Card-on-File Tokenization (CoF Card Tokenization) guidelines will be implemented starting on the first day.
Cardholders will get a lot of benefit
The Reserve Bank of India has informed that after the change in the tokenization system, cardholders will get more facilities and security. The payment experience of the cardholders will be greatly improved.
The new restrictions are intended to increase the security of credit and debit card payments, according to information provided by the Reserve Bank. There have been numerous cases of fraud involving credit and debit cards over the past few days, but following the adoption of the new rule, customers will use debit or credit cards to make purchases online, at points of sale (POS), or on apps. The encrypted code will contain all the information.
The complete data of debit and credit cards will be transformed into “tokens” under the new token system, which you will be able to change your card into. Your card information will remain secure on one device as a result. Any person may submit a request to the token bank to have their card converted to a token. The cost of tokenizing the card will not be borne by the cardholder.
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