Tokenisation of Debir/Credit Card Payments
The Reserve Bank of India (RBI) on January 8 released guidelines on tokenisation of debit/credit card payments.
What is Tokenisation?
- Tokenisation involves a process in which a unique token, issued by the bank, masks sensitive card details.
- Thereafter, in lieu of actual card details, this token is used to perform card transactions in contactless mode at Point of Sale (POS) terminals, Quick Response (QR) code payments, etc.
- The permission to tokenise cards is a huge step towards enhancing security of debit and credit cards, which have been exposed to serious online cybercrimes.
Where It will be Used
- RBI’s permission will apply to ....
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