Rbi Tokenisation News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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

About 35 crore cards have been tokenised and the system is ready for the new norms which set in from October 1, the Reserve Bank said on Friday.

It is to be noted that tokens will be merchant specific. If a consumer has a single card but uses online purchases from different merchants, different tokens will be issued. A token will be of 16 digits and unqiue for a combination of card and merchant.

With no card data being saved with the merchant, the chances of it being compromised are minimal.  

Your debit and credit card transactions will be safer and more convenient after tokenisation