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RBI Update! Change in rules for online transactions via credit/debit cards from January 1 - Know more - Customers can tokenise their cards only with explicit consent that requires Additional Factor of Authentication (AFA)
The Reserve Bank of India (RBI) recently announced online transaction guidelines said that the e-commerce websites will not be able to store customers’ card details from January 1, 2022. RBI has pushed the online transaction guidelines by another six months, to June 30, 2022.
New RBI rule for online credit, debit card transactions not applicable from January 1- Know details - While the earlier deadline for the tokenisation rule was January 1, RBI has now extended it to July 1, 2022.
Under RBI guidelines, e-commerce platforms such as Amazon or Flipkart won’t be able to save customers’ card details any longer. Customers will have to enter their card details every time they carry out an online transaction. However, to avoid the hassle, customers can choose to tokenise their cards. Here are 10 key takeaways on the change.
As per the new rules, customers will need to enter their debit and credit card details at every checkout as their card details will no longer be saved on these platforms. However, one way to avoid the hassle of adding card details at every transaction will be solved through tokenisation.