card tokenisation

Around 560 million card tokens have been issued in India since October 2022, when the Reserve Bank of India mandated tokenisation of cards for ecommerce transactions, global card payment scheme Visa said in a report.Out of these, Visa has issued around 300 million tokens, said the report, to be released on Thursday.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Digital…

The Reserve Bank of India (RBI) on Friday extended the card-on-file (CoF) tokenisation deadline by three months to September 30, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' — thereby enabling more secure transactions.The RBI now directed the merchants to implement its…

Mumbai | Bengaluru: Indian banks and merchants have started reaching out to customers asking them to tokenise their credit and debit cards before the June 30 deadline set by the regulator, according to communication seen by ET. This comes even as several merchants continue to be nervous about the readiness of the ecosystem to handle transaction and tokenisation volumes, and avoid payment disruptions for consumers.So far, large merchants including Uber, Swiggy and MakeMyTrip have gone live, and are allowing customers to…