RBI New Card Payment Tokenization System Launch

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20 Sep 2021

Rbi new card payment Tokenization System Launch RBI on new Tokenization circular RBI tweaks guidelines on tokenisation of card transactions New RBI rules You don't have to memorize 16-digit debit credit card numbers Tags - RBI Tokenisation RBI Tokenisation circular RBI token guidelines rbi allow Tokenisation card payment RBI new card payment RBI new updates RBI Tokenisation FAQ - a https 3A 2F 2Fm rbi org in 2FScripts 2FFAQView aspx 3FId 3D129 23 3A 7E 3Atext 3DTokenisation 2520refers 2520to 2520replacement 2520of 2Cto 2520issue 2520a 2520corresponding 2520token 29 a In This Video - 00 00 RBI Circular Card Tokenisation 01 53 What is Token Number 02 32 Tokenisation System kyu laya ja raha hain 03 59 Token system kaise kaam karega 04 00 How RBI Card Tokenisation work 05 28 Google Pay already follow Token system 11 Is tokenisation of card mandatory for a customer Ans No a customer can choose whether or not to let his her card tokenised What is tokenisation When you use your card debit or credit for a transaction the execution of the transaction is based on information like the 16-digit card number the card expiry date the CVV as well as the one-time password or transaction PIN In fact a transaction is successful only if all of these variables are entered correctly for a specific transaction Tokenisation refers to replacement of actual card details with a unique alternate code called the token This token is unique for each combination of card token requestor and device The central bank extended the tokenisation guidelines to Card-on-File tokenisation services and said tokenisation of data should be done with explicit customer consent The Reserve Bank of India has enhanced the guidelines on tokenisation of card transactions The central bank said the device-based tokenisation framework advised vide circulars of January 2019 and August 2021 has been extended to Card-on-File Tokenisation CoFT services as well There would be no requirement to input card details for every transaction under the tokenisation arrangement The efforts of Reserve Bank to deepen digital payments in India and make such payments safe and efficient shall continue the central bank said Rbiontokenisation rbitokenisationcircular Cardtokenpayment