New Debit, Credit Card Rules Effective From Jan 2022, Here’s What Does It Mean For Users

Making online payments from the New Year will bring a new experience to users as RBI has proposed new debit card rules. These rules will be implemented on credit card users as well from the first day of the first month i.e. January 2022 across pan India.  As per the governing body RBI, neither merchants nor payment gateways can store customers’ card and transaction details.

This will also affect the customers as they have to tokenize their debit and credit cards before making payments online. Read to know the full details.

What Are The New Rules Related To Debit And Credit Card?

 “With effect from January 1, 2022, no entity in the card transaction/payment chain, other than the card issuers and/or card networks, shall store the actual card data. Any such data stored previously shall be purged.”

In simple words, merchants have to delete the data of their customers that including their card numbers.

New Steps For Making Online Payments

Merchants are allowed to store the proxy number of customers’ cards for further process. In case a customer makes use of a new debit or credit card then a new token should be generated for the transaction.

This method is applicable for all NFC-enabled transactions, online payments via UPI.