The multinational payments giant Visa said on Tuesday (28-06-2022) that it has produced 100 million tokens for cards-on-file in India.
Visa, alluding to the Reserve Bank of India, said: "This landmark has been achieved in line with RBI's recommendations on CoF tokenization, concentrating on two major benefits–consumer & ecosystem security and a better checkout experience" (RBI).
The RBI this week extended the tokenization deadline to September 30. After that date, only the card issuers and/or card networks will be allowed to keep the CoF data, and all previously saved copies of this data must be deleted.
According to Sandeep Ghosh, global country manager for India & South Asia at Visa, "Visa has worked hard with our financial partners and merchants in recent months to increase consumer awareness as well as technical enablement for seamless implementation of card tokenization."
Ghosh said, tokenized transactions have been widely adopted by retailers, growing by 4.5X over the last two months. As the ecosystem transitions to tokenized payments, he continued, "We expect this momentum to continue in the coming months."
According to the RBI's CoF tokenization standards, physical card data must be replaced with encrypted digital tokens, which are subsequently used to authorize and enable transactions.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.