The Reserve Bank of India (RBI) governor, Shaktikanta Das, has proposed the introduction of card-on-file tokenisation (CoFT) at the issuer-bank level. This move aims to enhance data security and give customers greater control over managing their card tokens. Under the current system, cardholders have to create different tokens for each merchant, which can be time-consuming. With CoFT, tokens will be created at the issuer bank level and linked to the user’s existing accounts, reducing the risk of fraud. Tokenisation replaces a card’s 16-digit number with a unique token, improving transaction security.
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RBI proposes card-on-file tokenisation for debit and credit cards: What this means for online shoppers
The Reserve Bank of India (RBI) governor, Shaktikanta Das, has proposed the introduction of card-on-file tokenisation (CoFT) at the issuer-bank level. This move aims to enhance data security and give customers greater control over managing their card tokens. Under the current system, cardholders have to create different tokens for each merchant, which can be time-consuming. With CoFT, tokens will be created at the issuer bank level and linked to the user’s existing accounts, reducing the risk of fraud. Tokenisation replaces a card’s 16-digit number with a unique token, improving transaction security.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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