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New debit card, credit card tokenisation rules from July 1; here's how it will impact you

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The coming month of July is going to bring changes in the way you use your debit card and credit card. People who make online shopping payments keep their passwords and debit card and credit card secret details saved.

However, as the rate of online fraud has increased in recent times it is important to keep these details safe and secure as it can cause huge financial losses.

Therefore, in order to make online payments safer and secure, the Reserve Bank of India (RBI) has asked all merchants and payment gateways to remove sensitive customer details of debit card and credit card that are saved on their end.

From July 1, online merchants will not be able to store customer's credit and debit card details and card tokenisation rule will come into effect.From July 2022, when you make the first payment to any merchant, you will need to give your consent with an additional factor of authentication (AFA).

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