Debit And Credit Card Rules to Change From July 1, Deets Inside

 - Sakshi Post

Have you saved your credit and debit card details on e-commerce apps and OTT platforms? Then beware! We have some important news for you. Your card details will be erased from July 1 on e-commerce apps and OTT platforms. One must restore their card number and generate a unique token to make online payments after July. The Reserve Bank of India made a new mandatory rule for every customer—card-on-file tokenization for online purchases in order to protect bank transactions

Whether it's Netflix, Amazon, Swiggy, or Zomato—these merchants will no longer be able to store users' card data, necessitating the creation of a unique token for each merchant in order to do card payments. This new system will not only improve cardholder safety and security but will also contribute to the growth of digital transactions as user trust in online payments grows. With the tokenization system, customers can hide their card details and only the last four digits of their card are displayed. The unique token number will direct the user to a payment gateway and generate an OTP for verification for each transaction

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