Tokenisation refers to replacement of actual card details with an alternate code called the “token”, which shall be unique for a combination of card, token requestor (i.e. the entity which accepts request from the customer for tokenisation of a card and passes it on to the card network to issue a corresponding token) and merchant.
Q.
What are the benefits of Tokenization?
A.
Tokenization is safer and more secure than just saving your card as your card number is replaced with tokens for all transactions and card number is not shared for subsequent transactions.
Q.
Who will tokenize my cards?
A.
As per RBI guidelines, cards can be tokenized only by authorized entities referred to as Token Service Providers. These entities can be a bank or a card network e.g. Visa, Mastercard, Rupay, etc.
Q.
Is it mandatory to tokenize a card?
A.
Tokenizing a card is not mandatory, however RBI has prohibited saving a card without tokenization. Hence, if you do not tokenize your card, we will delete all saved your cards after 30th Sep 2022 and you will need to enter the full card number every time while making a payment.
Q.
How can I tokenize my previously saved cards?
A.
Until September 30, 2022 you can give your consent to tokenize all your saved cards. Navigate to payments page, select a card, provide consent and OTP to tokenize your card.
Q.
Which of my cards can be tokenized as per new RBI guidelines?
A.
We currently support only India issued personal credit and debit cards of VISA, Mastercard and Rupay card networks. Support for other card networks will be updated as and when we are ready.
Q.
How do I provide my consent to tokenize the card?
A.
When you add a new card or select a saved card to make a purchase, you will see a checkbox requesting you to provide the consent. Simply select the checkbox and continue with your payment on that card. Your consent will be successfully captured once the payment is complete.
Q.
Do I need to provide consent separately for each card?
A.
Yes, as per the RBI guidelines, you need to provide consent to save each card separately.
Q.
My card is also stored in other accounts of my friend or family member. Do they also need to tokenize the card again as per RBI guidelines?
A.
Yes, the card needs to be saved across every account by each customer individually.
Q.
Do I need to pay any charges for tokenizing my card?
A.
No, there is no charge for saving your card.
Q.
I gave consent and OTP to tokenize my card, but my card was not tokenized?
A.
Tokenization being a new system may encounter issues leading to situations where we may not be able to tokenize your card. We request you to attempt the same later.
Q.
How can I remove my tokenized card?
A.
You can browse to My payments section in your profile to see a list of all cards that you have tokenized with us. Select the card you want to remove and click on “Remove”. Alternately, you may reach out to our Customer service team to help you with the same.