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The cardholder may tokenise the card at any time of his convenience, either at the time of receiving the new card or later.
The RBI has permitted the use of Card-on-File Tokenisation (CoFT) through card-issuing banks or institutions.
The pure-play credit card issuer SBI Card has prepared the ground for moving towards card tokenization, which is set to kick-in from October, a move aimed at protecting against fraud as well as data theft.
Under RBI's tokenisation initiative, all companies are required to delete cardholders' all existing information and replace it with a unique 'token'.