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After extending the deadlines for three times, the Reserve Bank of India (RBI) is set to roll out its card-on-file tokenisation norms from October 1. Here is all you need to know about card tokenisation: 
What is card- tokenisation? Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.
How can customers tokenise their cards?
A cardholder can initiate a request on the app provided by the token requestor to get their card tokenised. The request will then be forwarded to the card network, which will then, with the consent of the card issuer, will issue a token. The token will be corresponding to the card combination, the device, and the token requestor.
Customers can get their cards tokenised without paying any charges for the service. Only authorised card networks and entities, approved by the RBI, can perform card tokenisation.
Is Tokenisation Mandatory?
No, tokenisation of debit and credit cards is not mandatory. A customer can also choose not to tokenise their cards but in that case paying online will take more time.

RBI pushes for tokenisation, here is why it matters to you

Tokenisation is the process where actual card details are replaced with an alternate code, called a token

After extending the deadlines for three times, the Reserve Bank of India (RBI) is set to roll out its card-on-file tokenisation norms from October 1. Here is all you need to know about card tokenisation:&nbsp;
<h3>What is card-tokenisation?&nbsp;</h3>
Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.
<h3>How can customers tokenise their cards?</h3>
A cardholder can initiate a request on the app provided by the token requestor to get their card tokenised. The request will then be forwarded to the card network, which will then, with the consent of the card issuer, will issue a token. The token will be corresponding to the card combination, the device, and the token requestor.
Customers can get their cards tokenised without paying any charges for the service. Only authorised card networks and entities, approved by the RBI, can perform card tokenisation.
<h3>Is Tokenisation Mandatory?</h3>
Even though tokenisation of debit and credit cards is not mandatory but it has been advised by RBI that a tokenised card will ensure that there are lesser frauds committed in terms of domestic online payments.
<h3>Is it secure?</h3>
Credit card and debit card tokenisation does not allow merchants to store your data, and also gives an added layer of protection through entering your CVV and the OTP received, thereby making online transactions more safe.
<h3>Card tokenisation deadline extension</h3>
Prior to this, the RBI gave the payments ecosystem time till September 30 for purging all card-on-file (CoF) data, the third extension in the last one-and-a-half years.&nbsp;

List of money-related changes from October 1

Big changes to your finances coming from October 1

Big Changes from October 1

From demat account KYC rules to Atal Pension Yojana, here's everything you need to know about the month ahead

People have been warned they could face a number of changes to their finances over the next few weeks. Big financial changes including card tokenisation and new debit and credit card rules are set to come into effect October 2022.&nbsp;
From demat account KYC rules to Atal Pension Yojana, here's everything you need to know about the month ahead
Card tokenisation From October 1, the online transaction rules for debit and credit cards will change for all users. In a bid to make all e-payments safe, secure, convenient, quick and affordable, the Reserve Bank of India (RBI) has asked all operating banks to create tokens for card details. In layman&rsquo;s language, all online, point-of-sale, and in-app transactions done by debit and credit cards will have to be replaced by tokens issued by the banks. &nbsp;
Atal Pension Yojana Income taxpayers cannot apply for the Atal Pension Yojana (APY) scheme from October onwards. The new order issued by Finance Ministry will come into effect from October 1, 2022 that has decided to bar tax payers from joining the APY after October 1.&nbsp;
Hence, if a subscriber &ndash; who is also a tax paying citizen &ndash; wishes to join Atal Pension Yojana (APY) scheme, September 30 is the last date to do so.&nbsp;
Card-issuers to seek One Time Password (OTP)
Card issuers should seek One Time Password (OTP) based consent from the cardholder for activating a credit card if the same has not been activated by the customer for more than 30 days from the date of issuance. In case of no consent, card issuers will have to close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation from the customer.

debit and credit card

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