Debit Card Tokenisation News Today

Card tokenisation is a major reform to enhance the security of online transactions. As of now, tokens could can only be created at various merchant websites. Now, the Reserve Bank of India (RBI) has proposed to introduce Card-on-File token creation facilities directly at the issuer bank level. A tokenised card transaction is considered safer as the actual card details are not shared or stored with the merchants to perform the transaction. Know how tokenisation works and how it will help you

The RBI is mulling introducing Card-on-File Tokenisation (CoFT) creation facilities directly at the issuer bank level

To improve the standards of online payments, RBIs new rule for credit cards and debit cards came into effect from October 1.

RBI has made tokenization regulations public in order to improve the security and safety of the online transaction process.

The central bank has been conducting an online campaign and has continued to emphasise the benefits of tokenizing ones debit and credit cards.

Tokenisation replaces the credit card details like 16-digit number, cardholder’s name, expiry date and codes saved for future payments with a “token”.

The Reserve Bank of India has extended the card tokenisation deadline in view of issues related to implementation of guest checkout transactions.