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Tokenisation using Kotak Cards
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As per the guidelines issued by Reserve Bank of India (RBI) (Circular CO.DPSS.POLC.No.S-1211/02-14-003/2021-22) on card data storage by online merchants, payment aggregators & ecommerce websites; the Credit, Debit & Prepaid Card details will no longer be stored on the merchant app/websites. In order to enhance the customer experience and facilitating the use of digital payment products in a more safe and secure manner, ‘Card tokenisation’ has been introduced.
Card tokenisation is a method wherein the sensitive customer data like card number, CVV, etc. is replaced with an algorithmically encrypted token generated by the card issuer or the payment network (Visa/ MasterCard/ Rupay). These tokens pass through the payment systems without disclosing the customer details or allowing the merchants, payment aggregators, etc. to store any kind of sensitive customer data.
So, secure your Kotak Credit, Debit & Prepaid Card, using the below mentioned easy steps:
Want to know what is tokenisation for credit cards? Well, it is the process of converting credit card details into a random unique number with no value for fraudsters if they access it.
From 1 October 2022, the RBI has directed all payment wallets, online merchants, and aggregators to tokenise sensitive customer card-related information instead of storing it in their database.
Tokenisation is one of the safest ways of securing a credit card and sensitive information related to the cardholder. After converting credit card details into unique codes, fraudsters cannot access and use them for malicious purposes.
The customer does not need to do anything to tokenise their credit card data.
Tokenisation payment means securing payment by converting the credit card details into unique codes useless to fraudsters trying to steal identity or money during the transaction.