RBI Card Tokenization: The number of credit and debit card users is continuously increasing. Along with this, the chances of fraud are also increasing. In this situation, card users will have to be as careful as possible. RBI had earlier started card tokenization for this. Seeing the benefits of this system, RBI has introduced new channels for card on file for tokenization. Through this new facility, cardholders will be able to directly link their accounts to different e-commerce.
RBI made a big announcement
Regarding this, on Friday RBI has given information about the changes in card on file tokenization. RBI started Card on File Tokenization in September 2021. Along with this, this system was started from October 1, 2022 itself. Till now RBI has made more than Rs 56 crore through this system. Whose total value is more than Rs 5 lakh crore.
What changed in the token system?
It is worth noting that to make purchases using credit and debit cards, the cardholder has to fill all the information related to the card on the website. This created a risk of card information being misused if all details were replaced by tokens since the introduction of the token system. With this, all the card details remain safe and there is saving while making payment also. According to the present system, customers have to create a token by visiting the e-commerce site, but now it can be created at the bank level only. With this, customers will be able to easily shop on all websites with just one token.
No change in RBI repo rate
At the same time, after a three-day meeting on Friday, RBI has announced that there will be no change in the repo rate. It is stable at 6.50 percent only. After this decision, while the customers investing on FD have got relief, there is news of a shock for the customers expecting less home loan and car loan during the festival season.