Big news for debit and credit card holders, these rules are going to change from July 1, know by clicking!

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Big news for credit card and debit card holders! From July 1, 2022, your card details will be erased from all e-commerce sites, apps, and OTT platforms.

YTR

As per the new rules set by the Reserve Bank of India (RBI), it will be mandatory for users to adopt card-on-file tokens for online purchases so as to keep bank transactions secure. So, in order to pay online, one has to restore their card details and generate a unique token from July.

Netflix, Amazon, Swiggy, and Zomato are some of the merchants on the list that will no longer be able to save the card details of the users, and for each transaction, a unique token to enable the card payments will be required.

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The new system aims to contribute to the growth of digital transactions while ensuring the safety of cardholders.

Reportedly, the token system will allow users to hide their card details and only the last four digits of the card number will be shown in the app. In each transaction, a unique token number will be taken to the payment gateway by which the bank will be able to generate an OTP for verification.