RBI Allows Tokenization Of Card Transactions In India
Good news for credit / debit card users. Your card is getting more security for transactions. Online, the point-of-sale equipment can handle transactions without requiring the details of the cards. The Reserve Bank has recently released mockeries regarding the Tokenization process. This procedure will provide complete security for information such as card number, expiry date and security code.
Tokenization mode comes with a token number instead of your card details. If you use this number, without disclosing the information to the card during payments online or offline. Your transaction will be securely completed. Financial services companies, enterprises, third party payment service providers (such as digital valuables) have allowed RBI to provide these types of Tokenization services.
All of the world’s largest card network companies offer this token service. Tokens are different from mobile phones, retailers, transaction procedures. However, these services are now available through mobile phones and tablets, RBI said. This system will be based on a review of performance and will then be extended to the remaining devices.
Entrepreneurs in the RBI guidelines for registration to Tokenization by Token Receivers App The customer has not paid any fees for these services.Banks currently apply the One Time Password (OTP) method for password and online transactions while POS payments are made through cards. However, in many cases there are scams. Duplicate websites and cheating agents are also keen on the details of the cards. RBI will block the fraud by the new rules.