Purchases from online shopping websites like Amazon, Flipkart, Myntra, and BigBasket will be augmented beginning 1 January 2022, thanks to Reserve Bank of India introducing a new payment approach. The new approach also protects confidential information.
For such digital platforms, customers would no longer have to remember the 16-digit card details and the card expiration date. According to the Reserve Bank of India's directive, shoppers can now make contactless payments via a new method known as tokenization.
As per RBI, tokenization makes shopping with devices more secure, from protected in-store retail POS activities to payments on-the-go, from regular ecommerce to modern app payments. To maintain tokenized cards, the supplier bank will give a separate interface (on its own website). Card members will also get the option of deleting tokens at any time.
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