As per RBI mandates, online merchants will no longer save the actual card details. Customers have to enter full details of card unless they opt for tokenisation.
Tokenisation is a simple process of replacing the actual 16-digit card details with a Unique code/token useful for the online transaction
To reduce financial fraud and to make online payments more secure and convenient in India
No, it is not mandatory but if you not opt in then you have to enter full card details every time.
Yes, tokenisation of cards is absolutely free for any cardholders. The user can request tokenisation for any number of cards.
Yes, even if tokens are leaked during data breach, it is not possible to reverse engineer or decrypt them and get actual card details from the tokens or vice versa
The deadline for tokenisation is 1st January 2022 but recently RBI extended its deadline by six months to June 30, 2022.