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The RBI has ordered all companies in India to purge saved credit and debit card data from their systems from January 1, 2022.
Come January 1 and the new rules for online payments through debit, credit cards will come into force. So, while shopping on any online platform such as Flipkart, Amazon, Myntra, your 16-digit card number along with the card’s expiry date will not be saved on the website. Instead, you will have to make the card payment through the process called tokenisation.
RBI issued fresh guidelines in September 2021 giving companies until the end of the year to comply with the regulations and offering them the option to tokenise. The RBI has ordered all companies in India to purge saved credit and debit card data from their systems from January 1, 2022.
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