"In an effort to improve the safety and security of your card transactions,Utkarsh Small Finance Bank offers Tokenisation as per RBI guidelines. Tokenisation is a process where the Card number is replaced with unique set of characters referred as "token" which shall be unique for a combination of card, token requester and registered device. This token contains no personal information that can be directly accessed and keeps changing making it the most secure method to complete payments."
Below are the steps to tokenise a Card:
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More safer and secured transactions.
It prevents unauthorised usage of Debit Card.
Online merchants will only store unique code and not the actual card numbers so the chances of fraud arising from sharing card details are minimised.
Card data can be stored only by the card-issuing banks and card networks.
Choice to link renewed / replaced cards with existing merchants to ensure the checkout experience is not interuppted with card lifecycle changes.
Different tokens for different Merchants i.e separate token will be generated for different Merchants viz Amazon , Flipkart etc.
All Card holders of different Card Variants can tokenise their Debit Cards.
Customer need not pay any charges for availing the service of Tokenising the Debit Card.
Unless there is anything in the subject or context inconsistent therewith, the capitalised terms listed below shall have the following meanings:
Tokenisation of Cards:
The Cardmember hereby acknowledges and agrees that:
Loss/ Theft of Identified Device and/or Misuse of Tokenised Card:
Cardmember's Confirmations and Undertakings:
Closure of the Tokenised Card:
Tenure ( )
Interest Rate (%)
20 Apr 2023
(Indicative interest rates for calculation only. click here for latest rates.)
Tokenisation refers to replacement of actual or clear card number with an alternate code called the"Token". This 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 corresponding token) and the merchant (token requestor and merchant may or may not be the same entity).
Conversion of the token back to actual card details is known as de-tokenisation
Tokenisation and de-tokenisation can be performed only by the authorised Card Networks like Mastercard/Rupay and Card Issuing Banks respectively.
The customer need not pay any charges for availing this service.
Normally, in a tokenised card transaction, parties / stakeholders involved are merchant, the merchant's acquirer, card payment network, token requestor, issuer and customer. However, an entity, other than those indicated, may also participate in the transaction.
Actual card data, token and other relevant details are stored in a secure mode by the authorized Card networks. Token requestor cannot store Primary Account Number (PAN), i.e., card number, or any other card details. Card networks are also mandated to get the token requestor certified for safety and security that conform to international best practices / globally accepted standards.
The registration for a tokenisation request is done only with explicit customer consent through Additional Factor of Authentication (AFA), and not by way of a forced / default / automatic selection of check box, radio button, etc.
Once created, the Tokenised card details will be used in place of an actual card number for future online purchases initiated or instructed by the card holder.
The chances of fraud arising from sharing card details are minimised as online merchants will only store unique codes and not the actual card numbers.Card data can be stored only by the card networks and Card-issuing Banks.
Tokenisation guideline is applicable for Debit Cards starting 1st October 2022.
For performing any transaction, the customer shall be free to use any of the cards registered with the token requestor app/merchant.
Customer can call 24*7 Call Centre to place the request to manage tokenized Debit Cards.
No, tokenisation is only required for conducting the online transactions.
No, a customer can choose whether to let his / her card tokenised. If not Tokenised, starting 1st October 2022, the card holder must enter the full card number, CVV and Expiry date every time to complete their online transactions.
The customer will see the last four digits of the card on the merchant page.
The customer should again visit the merchant page and create a fresh token or can upgrade the existing token with the New Card by placing the request .
A token must be unique to the card at a specific merchant. If the customer intends to have a card on file at different merchants, then tokens must be created at all the merchants. If the card holder is having three different cards, then is the card holder expected to create 3 different tokens at the same merchant.As mentioned earlier, token must be unique for a combination of card and merchant.
All complaints should be made to the card issuers.
One token is valid only for one card and one merchant. So, if you tokenize your Debit Card for one e-commerce site, the same card will have a different token on another site. This is to prevent fraud. Besides, you can request tokenization on any number of cards for performing a transaction.
Previously, when the online shopping portals were hacked, all your details would get leaked. But under the tokenisation process, you will get a token issued by a bank before you make a purchase from an e-commerce portal. That token will be valid only for that particular e-commerce portal. As a result, even if the e-commerce portal gets hacked, your data is safe as unique tokens have replaced it.
The circular issued by RBI on tokenisation is available on the RBI website at the path https://m.rbi.org.in/scripts/FAQView.aspx?Id=129 . These FAQs are issued by the Bank for information and general guidance purposes only. Bank will not be held responsible for actions taken and / or decisions made on the basis of the same. For clarifications or interpretations, if any, one may be guided by the relevant circulars and notifications issued from time to time by the Reserve Bank of India.
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