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As per the guidelines issued by Reserve Bank of India (RBI) (Circular CO.DPSS.POLC.No.S-1211/02-14-003/2021-22) on card data storage by online merchants, payment aggregators & ecommerce websites; the Credit, Debit & Prepaid Card details will no longer be stored on the merchant app/websites. In order to enhance the customer experience and facilitating the use of digital payment products in a more safe and secure manner, ‘Card tokenisation’ has been introduced.
Card tokenisation is a method wherein the sensitive customer data like card number, CVV, etc. is replaced with an algorithmically encrypted token generated by the card issuer or the payment network (Visa/ MasterCard/ Rupay). These tokens pass through the payment systems without disclosing the customer details or allowing the merchants, payment aggregators, etc. to store any kind of sensitive customer data.
So, secure your Kotak Credit, Debit & Prepaid Card, using the below mentioned easy steps:
As per RBI mandate, starting October 01, 2022, sensitive customer information like complete card number, CVV & Expiry date or any other sensitive information related to cards cannot be stored by merchants for processing online transactions. The merchants will have to remove all details stored, by June 30, 2022.
They will be allowed to store the customer’s card details only through tokenization post taking an AFA (Additional factor authentication, eg: OTP) from the customer. This means that as per the new guidelines, you can now safely secure your card details using tokenisation while you shop with the online merchants.
Tokenisation is a backend process of replacing Credit/ Debit/ Prepaid Card details with a unique set of characters or a 'token'. This will secure payments and enable future transactions without exposing any sensitive card details.
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By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.