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RBI’s tokenization policy is here: Online shopping just got safer

Posted on 28th September 2022 by Mayuri

I am an avid online shopper. 95% of all my shopping is done online. However, before I discovered the joy of it, I had many reservations about online shopping, as most people do. Would the quality, design, size, and pattern of what I ordered be the same as the images shown online? Would the site deliver what I ordered, and in good condition or would I be cheated out of my money? Would my payment details be safe with the sites I am buying from?

Over the years the previous questions have been answered, and I have become an expert online shopper. I have learned to identify the right sizes for me and have developed an eye to pick out websites that deliver what they promise. I have not had a single complaint in all these years as whatever I have ordered so far, from clothes to furniture and gadgets to fragile items, have all been delivered to me in impeccable condition.

RBI's tokenization-Online shopping- safer-sirimiri

Yes, all my worries have ceased, except one. Each time I make a payment on an online site I find myself wondering if my payment details are safe. I keep worrying if they will be misused. We have all heard enough stories about people being scammed online.

So, when I read that RBI has mandated every e-commerce platform to go in for tokenization by the 30th of September 2022 I was intrigued and wanted to know more about this term, ‘tokenization’. After all, I am an avid online shopper, as I stated earlier.

This is what I learned about tokenization:

What is Tokenization?

Tokenization is the process of replacing sensitive data, like a bank account number or credit card number, with unique identification symbols that retain all the essential information about the original data without compromising its security. This data is stored as a token.

The tokenization process removes any connection between the transaction and the sensitive data, which limits its exposure to breaches.

Tokenization helps to minimize the amount of data a business needs to keep on hand.

How does Tokenisation help?

Tokenization helps protect businesses from the negative impacts of data theft.

It doesn’t slow down the payment process. In fact, it improves user experiences whether online, mobile, or in-app.

It ensures smooth payment experiences and satisfied customers.

The tokenization feature can foster customer trust and loyalty.

Big e-commerce players have fully embraced tokenization with the majority of customers tokenized. E-commerce platforms like Amazon are ready for tokenization and are working with remaining partners (banks and networks) to get them prepared. However, some hiccups and customer disruption are expected as the smaller merchants still need time to be completely ready with the infrastructure and to revamp their systems.

Digital is no longer an alien word. The world has embraced it and is matching its stride. Online is the place to be at. If e-commerce sites wish to build a loyal clientele who will not only return to them but recommend them to others too, then they must embrace tokenization. If I know my crucial data is safe on a site I like to buy from, they have my loyalty as a customer.

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24 thoughts on “RBI’s tokenization policy is here: Online shopping just got safer”

  1. Ravi Ravi says:
    1st October 2022 at 1:06 pm

    Never again will I be worried while paying online with my card.

    Reply
  2. kumar kumar says:
    1st October 2022 at 1:07 pm

    Thanks, you have explained the concept of tokenization simply enough for a layperson to understand

    Reply
  3. Karthick Karthick says:
    1st October 2022 at 1:07 pm

    Great post! Hope everything goes hassle free once tokenization is live across industry.

    Reply
  4. kishore kishore says:
    1st October 2022 at 1:07 pm

    Tokenization is surely going to add more security to online sharing of card details

    Reply
  5. Pandi Pandi says:
    1st October 2022 at 1:08 pm

    This is going to help increase the use of online payments but with a layer of safety added to them

    Reply
  6. Mudit Sharma Mudit Sharma says:
    1st October 2022 at 1:08 pm

    Tokenization is needed for this digital world

    Reply
  7. Himanshu Yadav Himanshu Yadav says:
    1st October 2022 at 1:08 pm

    No more wondering if my payment details are safe. Such a relief because I am a frequent online shopper too.

    Reply
  8. Ajay Ajay says:
    1st October 2022 at 1:08 pm

    Tokenization will help online shoppers go carefree while shopping

    Reply
  9. pon manikam pon manikam says:
    1st October 2022 at 1:09 pm

    RBI has thought in the interest of buyers and added an extra layer of safety to online shopping.

    Reply
  10. Yaksha Singh Yaksha Singh says:
    1st October 2022 at 1:09 pm

    The payment process will improve with tokenization

    Reply
  11. Aman Rajpoot Aman Rajpoot says:
    1st October 2022 at 1:10 pm

    RBI has taken an impressive step towards keeping your data

    Reply
  12. Hemant singh Hemant singh says:
    1st October 2022 at 1:10 pm

    A tokenized card transaction is considered safer as the actual card details are not shared with the merchant during transaction processing.

    Reply
  13. Pratik Nayak Pratik Nayak says:
    1st October 2022 at 1:10 pm

    I am a fan of online shopping, this blog post helped me with questions regarding payment details kept safe

    Reply
  14. Rakesh Garg Rakesh Garg says:
    1st October 2022 at 1:10 pm

    Sharing lesser data online is always a good thing, so tokenization might be very beneficial to all.

    Reply
  15. Satyam Satyam says:
    1st October 2022 at 1:11 pm

    We will have to wait to find out if tokens prove to be a boon or bane.

    Reply
  16. Ayush Sanghi Ayush Sanghi says:
    1st October 2022 at 1:11 pm

    All my shopping happens online so it is reassuring to know about tokenization.

    Reply
  17. Abhishek Abhishek says:
    1st October 2022 at 1:11 pm

    Tokens are the future of online transactions.

    Reply
  18. Prateek pawar Prateek pawar says:
    1st October 2022 at 1:13 pm

    Tokenization can be complex for some people, but you made it look easy.

    Reply
  19. Manthan god Manthan god says:
    1st October 2022 at 1:14 pm

    It is a great move by RBI.

    Reply
  20. Nitesh Patel Nitesh Patel says:
    1st October 2022 at 1:15 pm

    This is going to be a game changer for small and big businesses.

    Reply
  21. Priyanshu Varma Priyanshu Varma says:
    1st October 2022 at 1:15 pm

    You made the concept really simple. Thank you for sharing such an informative article.

    Reply
  22. Suyog Suyog says:
    1st October 2022 at 1:17 pm

    This feature is definitely going to make transactions more secure and theft free

    Reply
  23. Ramesh Singh Ramesh Singh says:
    1st October 2022 at 1:18 pm

    Online shopping rules! It’s easy, fun and safe too!

    Reply
  24. Vijay Tiwari Vijay Tiwari says:
    1st October 2022 at 1:18 pm

    Tokenization is going to be a safer space for online shopping.

    Reply

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Mayuri-Sirimiri

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