According to the latest regulations by the RBI, there are going to be some changes with regard to Visa card payments from 1 January 2022. Merchants, payment aggregators, payment gateways, and acquiring banks will no longer be able to store customer card-related information starting the new year. Instead, tokenisation – a process of converting card numbers used for digital transactions into a surrogate value called a token – will be adopted for card payments.
While this is an important change for digital payments, it will have very little impact on you when you shop on grofers.
Let’s take a look at what will change for you once the changes are implemented.
1. First transaction (converting the card to a token):
Your first Visa card transaction on grofers will largely be the same, except that you will have to give an explicit one-time consent to tokenise your card(s) before proceeding to provide the OTP for the transaction. This consent will be requested for customers who already have a saved card as well as for those adding a new card.
2. Repeat transaction (token-based transaction):
The transactions after a Visa card is tokenised will remain unchanged. The only minor difference in your experience will be that your 16-digit card number will now only have the last 4 digits visible – the remaining will be masked after 31st December 2021. Currently, the first and the last 4 digits of saved cards are visible on the payments page on grofers.
For Visa cardholders who choose not to tokenise their cards, they will have to enter their card details each time they transact on grofers after 31st December 2021. We believe this move by the RBI is a welcome one and is bound to enhance card payment security.
The same feature is also likely to be available on Mastercard, Rupay and Amex in the coming months. We’ll keep you posted as we know more - stay tuned!
As always, if you have any questions or suggestions please write to us at firstname.lastname@example.org :)