Wednesday, January 19, 2022

RBI permits card-tokenisation services in a bid to make card transactions more safe

The Reserve Bank of India has permitted authorised card networks to offer card tokenisation services to any token requestor in a bid to make card transactions more safe, secure and convenient for the users. In a notification issued yesterday, RBI said that it has provided the facility to interested card holders only for their mobile phones and tablets.

The central bank noticed that there has been an uptake in the volume of tokenised card transactions during the recent months and on a review of the framework and keeping in view stakeholders feedback, RBI decided to extend the scope of tokenisation to include consumer devices – laptops, desktops, wearables (wrist watches, bands, etc.) and Internet of Things (IoT) devices.

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