News > New credit, debit card rules to come into effect from January 1: What it means for you?

New credit, debit card rules to come into effect from January 1: What it means for you?

RBI’s new rule, which comes into effect from January 1, mandates all merchants to use encrypted tokens to carry out transactions. Simply put, customers will have to either enter full credit/debit card details each time to carry out an online transaction or they have the option to opt for tokenization.

As the due date approaches, many banks have already started informing customers about the change in online debit/credit card payment rules.