Tokenize your cards for safe online transactions from Oct 1

Updated: Sep 30 2022 10:22PM

New Delhi, Sep 30 (PTI) If online is your preferred mode of payment, you can use a virtual code instead of exposing your actual card details to shield against data thefts and financial frauds from Saturday, as RBI norms on card tokenization come into force.

Card-on-file Tokenization (CoFT) is a process through which the actual details such as the 16-digit number, expiry date on a credit or debit card are replaced by a virtual code which is unique for that card, merchant point where it is to be used and the token requestor (or the card user).

As per RBI guidelines, payment aggregators, wallets and online merchants (entities in card transaction/payment chain other than card issuers/card networks) cannot store any sensitive card-related customer information including full card details from October 1, 2022.