Are you getting a notification for saving Card Details before June 30? One needs to Save Card Details for Payment as per RBI rules. Today, we will talk about how to Save Card Details for Payment on Amazon, Paytm, Flipkart, Google Pay, etc using a Mobile, PC or Laptop.
The Reserve Bank of India (RBI) has set a deadline of June 30, 2022, for the introduction of tokenization of card transactions. Following the industry’s request for extra time to comply with the most recent data security regulations.
Tokenisation is the new way of replacing card details with a unique code or token, allowing online purchases without having to provide sensitive information.
This implies that merchants such as Amazon, Flipkart, Paytm, etc will no longer be permitted to store credit card information for their customers. Customers should input their card information each time they make a payment. Customers can, however, express their explicit consent to the new limits allowing them to keep their cards.
What is Card Tokenisation? Why should I do it?
Tokenisation refers to the 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 that accepts a customer’s request for tokenisation of a card and passes it on to the card network to issue a corresponding token), and device (referred to hereafter as “identified device”),” according to the RBI FAQs.
This effectively implies that a customer’s card information will no longer be accessible to any merchant, payment gateway, or third party that currently assists in processing digital transactions.
Consumers no longer have to worry about storing their credit card information thanks to card tokenization.
Cardholders will be required to provide explicit consent, which will be gathered in order to tokenize their cards. Users have begun receiving reminders that the procedure must be completed by June 30, 2022.
How to Save Card Details for Payment?
“As per the new RBI standards, only card networks (VISA/Mastercard, etc.) and/or issuing banks can keep credit/debit card data from 30th June 2022 onwards,” according to the Amazon website. Starting July 1st, you won’t be able to access stored cards unless you give Amazon permission to tokenize your cards.”
Follow these steps on your Merchant App:
- Go to the link and click it.
- Fill up your credit card information.
- Make sure the checkbox “Save card as per new RBI criteria” is ticked.
- Fill out a Rs. 2 refundable payment form.
- Following that, your card will be kept for future use if you complete a successful transaction. Within 48 hours, Rs 2 will be returned to your card.
Advantages of Saving Card Details
This step is necessary for enhancing security and avoiding leaks of card details from third-party apps.
Is Tokenised Bank Card Safer to use?
Because the real card data are not shared with the merchant during transaction processing, a tokenized card transaction is deemed safer.
Organizations can save the last four digits of the card number as well as the card issuer’s name for transaction tracking and reconciliation. You’ll need the customer’s permission and OTP-based authentication to create a token.
How to Avoid Entering Bank Card details every time
“Your card information will be wiped without your consent after July, and you will have to enter card information for each transaction.” However, for your convenience, we also provide you with the option to approve consent and keep cards for future purchases,” according to the Amazon website.
Customers can choose Amazon Pay to tokenize their credit cards. This indicates that Amazon Pay wants the card network to encrypt card data and undertake further authentication.
Amazon Pay receives the encrypted information and saves the card for future transactions. Amazon will reveal the card’s last four numbers, as well as the issuing bank and network name, once it has been tokenized.
What will happen to my Previous Bank Cards?
“You have until July 1, 2022, to accept your consent to tokenize VISA and Mastercard cards.” This guarantees that you can place orders in the same way you always have. After July 1, 2022, your card information will be destroyed without your consent, and you will be required to enter card information for each card transaction. However, for your convenience, we also provide you with the option to approve consent and keep cards for future purchases,” according to the Amazon website.
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