New debit card rules from July 1, 2022, details here
Under the rules, merchants were barred from storing customer card data in their servers
There is going to be good news soon for all credit and debit card holders, as from July 1, 2022 onwards, online merchants will not be able to store customers' card data.
The Reserve Bank of India (RBI) last year had issued debit and credit card tokenisation rules, keeping in mind customer safety.
Under the rules, merchants were barred from storing customer card data in their servers.
These card tokenisation rules will now come into effect from July 1, 2022.
RBI had made adoption of card-on-file tokens for domestic online purchases mandatory.
The deadline for adoption of card tokens across the country was extended by six months from January 1, 2022 to July 1, 2022.
It will be stored as an encrypted "token" to help customers make secure transactions. These tokens will allow payment to be made without disclosing customer details. RBI guidelines make it mandatory to replace the original card data with an encrypted digital token.
Therefore from July 1, 2022, merchants will have to delete customers' debit and credit cards' data from their records.
