RBI rolling out Card-on-File Tokens facility at bank level


Mumbai, Oct 6 (IANS): The RBI on Friday said that it has decided to introduce Card-on-File (CoF) token creation facilities directly at the issuer bank level.

“This measure will enhance convenience for cardholders to get tokens created and linked to their existing accounts with various ecommerce applications. Instructions in this regard will be issued separately,” the RBI said in a statement.

At present, Card-on-File(CoF) token can only be created through a merchant’s application or webpage.

RBI introduced Card-on-File Tokenisation (CoFT) in September 2021 and began its implementation from October 1, 2022.

So far, over 56 crore tokens have been created on which transactions with a value of over Rs 5 lakh crore have been undertaken.

Tokenisation has improved transaction security and transaction approval rate, the RBI said.

 

  

Top Stories


Leave a Comment

Title: RBI rolling out Card-on-File Tokens facility at bank level



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.