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Summary: With credit card tokenization, every payment can be a secured credit card payment. Find out how to tokenise transactions, how it will benefit you and the merchant, and how data theft is eliminated with this remarkable RBI introduction.
While booking a flight on your favourite travel app or shopping online, you may have noticed that your credit card details automatically appear as you proceed to pay. How convenient, you would think. But how unsafe, RBI thought. That’s why the apex bank came up with credit card tokenization.
Introduced by RBI as card-on-file tokenization, the guidelines on card tokenization became effective from New Year’s Day 2022. Very briefly, it is the process of converting the card details into a unique token, which is then used for transactions made using the card.
Starting July 2022, merchants, payment gateways or payment aggregators are not allowed to store the customer’s card information. Tokenization replaced the saved card details experience as the information is now saved in the form of tokens.
Credit card tokenization can be used for card payments made against online purchases, in-store payments at merchant stores and PoS machines, and in-app purchases or mobile-based payments.
Card tokenization can be used by customers without paying any charges. It can be done across different devices, including phones, tablets, computers, wearables, and IoT devices. The tokenization process can also be reversed to the actual card details, a process known as de-tokenization.
Unlike a regular card transaction, the merchant cannot see or handle the credit card details while processing the payment through a tokenised card transaction, making credit card tokenization a safer payment method.
In the traditional method, merchants initiate the transaction by sharing the transaction details and card details with the card issuing company. The issuer approves the payment and deducts it from the customer’s account. The card details shared by the customer are then stored by the merchant/platform. This makes subsequent payments faster and also makes personal card details available to the merchant.
It was observed that 30% of payment conversions happen through saved card details. However, it was also noted that 32% of failed payment attempts were abandoned by customers.
Credit card tokenization ensures that merchants and platforms don’t need to capture, process and store card information. It retains the token information so repeat purchases are faster. It can reduce the instances of failed payments and abandoned carts as well.
Towards safer credit card payments
Credit card tokenization can be seen as a breakthrough technology in the entire realm of cashless payments. With a single shift of technology, the sensitive credit card data of the customer is now no longer out in the open. With merchants not privy to such data, compliance and security maintenance becomes much more manageable for them. While achieving all of these, the ease and convenience of credit card payments are retained in the post-tokenization world.
For IDFC FIRST Bank Credit Card customers, credit card tokenization makes their payments faster, data safer, and experience better. IDFC FIRST Bank offers PCI DSS-compliant credit cards that are tokenization-ready. You can enter the card details, choose ‘tokenise your card’, receive and enter the OTP and create the token.
Apply for your IDFC FIRST Credit Card and enjoy a safe and smooth tokenised payment experience.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.