Connect with us

Business

Debit Card, Credit Card Online Payment Rule: RBI Extends Tokenisation Deadline. Know More

Published

3 years ago

on

Debit Card, Credit Card Online Payment Rule: RBI Extends Tokenisation Deadline. Know More

In order to make online payment transactions via credit and debit cards more secure and reliable, the Reserve Bank of India (RBI) has ordered all online payment gateways, merchants and e-commerce companies to tokenize their customers when making payments.

The Central Bank has asked all merchants and e-commerce companies to delete all sensitive data related to customer card details provided on its platform.

According to the new rules that take effect on January 1, 2022, all merchants are required to use encrypted tokens for transactions instead of credit and debit cards. January 22! The HDFC bank card details you saved on the merchant’s website/application will be deleted by the merchant in accordance with RBI requirements to enhance the card’s security. To pay each time, enter the full card details or choose tokenization. “

Advertisement

What is tokenization?
Tokenization refers to the replacement of credit and debit card details with an alternative code called a “token”, which is important for the card and the token requestor (the entity that accepts the tokenization request of the card from the customer and passes it) The combination is the only RBI said, to the card network to issue tokens) and equipment.

This reduces the chance of fraud due to sharing card details. The token is used to perform contactless card transactions on point-of-sale (PoS) terminals and QR code payments.

RBI has also extended the tokenization of Card-on-File (CoF) transactions-card details used to be stored by merchants-and instructed merchants not to store card details in their systems starting January 1, 2022.

A CoF transaction is a transaction in which a cardholder authorizes a merchant to store his or her MasterCard or Visa payment details and bill the stored account. E-commerce companies, airlines, and supermarket chains often store card details.

Advertisement

Will it affect the online transactions of merchants?
As thousands of stakeholders have not yet joined the tokenization platform, and “entities regulated by RBI are not yet ready for new initiatives”, digital payment companies and merchant institutions have requested RBI to extend the implementation period of tokenization rules. They stated in a letter to the Reserve Bank of India that if implemented in the current state of preparation, the new authorization may cause significant disruption and loss of revenue, especially for merchants.

The Business Payments Alliance of India (MPAI) and the Digital India Foundation Alliance (ADIF) stated in a joint letter: “This type of destruction weakens the trust in digital payments and makes consumers accustomed to switching to cash payments.” Expressed concerns about RBI’s industry readiness for the CoF directive and urged the central bank to extend the December 31st deadline for implementing card data storage specifications. Sources said that some banks also wrote to the Reserve Bank of India, seeking to extend the implementation time of the new regulations.

Complete News Source : The IndianEXPRESS

Advertisement
Related Topics:
Continue Reading

Trending

Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

Published

18 hours ago

on

January 21, 2025

By

Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

Advertisement

The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

Advertisement
  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

Advertisement

In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
Podcast Platforms – https://anyfm.in

Advertisement
Continue Reading
Anyskill-ads

Facebook

Trending