spot_img
25.5 C
Mangalore
Monday, October 3, 2022
spot_img
spot_img
spot_img
spot_img

Popular Articles

To pay online starting Jan 1, 2022, either type in your 16-digit card number or tokenize it

The Reserve Bank of India (RBI) has mandated that from January 1, 2022, no entity in the card transaction or payment chain should store the actual card data. Instead, cardholders can get digital tokens to complete their online transactions. Any such data stored previously will be purged beyond the deadline, stated the RBI. Such a measure is being taken to prevent fraud. 

- Advertisement -

Provide approval to utilize stored cards, says an Uber India message sent to app users. When users agree, the Uber India app tokenizes your saved cards and uses these tokens for future payments. Tokenization solutions have been produced by HDFC Bank, HSBC India, SBI Card, Paytm, Phonepe, and the National Payments Corporation of India (NPCI). As per the HDFC Bank website, A consumer may select whether or not to have his or her card tokenized. If the card is not tokenized, the cardholder will have to provide the whole card number, CVV, and expiry date every time they perform an online purchase starting January 1, 2022. 

What is tokenization?

Tokenization is the process of replacing the 16-digit credit or debit card number for mobile and online transactions with a unique digital identification known as a “token”. Customers can keep their card details in a secure and compliant manner using these tokens. The customer need not pay any charges for availing of the service of tokenizing the card.

Where is tokenization applicable?

As per HSBC India, the tokenization terms and conditions apply to mobile credit cards stored on one of the customer’s eligible devices’ Google Pay/Token Requestor mobile application for making the following types of purchases, where available:

  • Tap to Pay NFC enabled POS Transactions.
  • Scan and Pay Bharat QR code-based Payments at online and offline merchants; and
  • Online payment at various online merchants or when the payments services are implemented within the Token Requestor mobile application

How to get your card tokenized?

According to Uber India, this is how you can use tokenization on its platform:

  • Please ensure you have the latest version of the Uber app
  • Book a ride on Uber
  • Choose cards as your payment method
  • Once the trip is completed, choose a saved card to clear your payment
  • A consent pop-up (for tokenization) will appear on the screen. Click on “Agree and Continue” and complete the OTP authorization
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

61,975FansLike
65,045FollowersFollow
5,160FollowersFollow

Recent Articles

Electricity Tariff Hiked Again In the State

The electricity unit rate has been increased by 24 to 43 paise per unit by various Escoms functioning in the state. The burden of...

Private Buses Hiked Fare In Karnataka As Festivities Coming Up

In the wake of Dasara, Private buses have doubled the charges despite strict action warnings by the transport minister. RTO officials have also raided...

Math Camp at CFAL

The popular Math Camp at CFAL engages students in deep exploration of mathematics, exposes them to Olympiad level problems, and will immerse them in...