Tokenisation of debit and credit cards
Tokenization of debit and credit cards The RBI has directed payment aggregators, wallets, and online merchants (other than card issuers/card networks) not to store any sensitive card-related customer information, including full card details. As a result, the card numbers can be replaced with a ‘token’. The RBI mandate would take effect on October 1, 2022. According to the RBI, this development will make card transactions more secure. What is Tokenization? Tokenization is the process of replacing a card’s 16-digit number on the plastic card with a unique alternate card number, or ‘Token’ which shall be unique for a combination of card, token requestor, and device. Tokens can be used for online transactions, mobile point-of-sale transactions, or in-app transactions. This token contains no personal information that can be directly accessed and keeps changing making it the most secure method to complete payments. Here’s how to generate your token The...