If you visited the bank in recent times you may have heard about the term ‘tokenisation’. So, what is tokenisation meaning?
Tokenisation is the method of replacing the actual card information with a unique alternate code which is known as ‘token’. This token forms the unique combination of card, token requestor, and identified device. This is what is tokenisation.
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Reserve Bank of India has enabled customers to make payments with card tokenisation services which will in turn improve the safety and security of card transactions.
As per the guidelines of RBI, no organisation in the card transaction other than issuers are allowed to store the actual information of the card. The information stored before will have to be purged.
Tokenisation helps in easy transactions. Prior to this customers would enter the card information manually which resulted in errors leading to transaction failures.
Tokenisation added another layer of security. For example, if you are using UPI or a credit card you need to provide OTP (one-time-password) to complete the transaction. You can't complete a transaction just with the card number.
To enable tokenisation you need to use a third-party app, such as a UPI app like Phonepe, Paytm, or bank app, a mobile wallet, etc. Customers cannot be charged for generating UPI.
This is the tokenisation meaning in a nutshell. I hope you find this informative.
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What is tokenisation?
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2022-06-27T11:17:21+00:00 2022-06-30T23:13:17+00:00Comment
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