I use Paytm wallet, NoBroker Utility Bill Payment Service, Phonepe and a lot more for paying my bills or for other transactions. However I never knew that these were actually tokenization payments. Do you know what
is tokenization payment in Banking? Do not worry, I also got to know about it recently.
Tokenization is the replacement of actual credit and debit card details with an alternate code called the token. It works by removing the valuable data from the environment and replacing it with these tokens. These are safe and super easy as well making the transactions both smooth and hassle free. I hope this makes clear what is tokenization in payments
.
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Is tokenization safe?Tokenization is actually safe. It does not use keys to alter the original data like that of encryption, rather removes the data from an organisation’s internal system fully thereby making transactions far safer and more secure.
Tokenization in RBI meaningIn tokenization, the card details get changed into a unique token specific to the card and saved with only one merchant at a time. Tokenization is not mandatory but if you ask me, it is easy to go for it.
Types of TokensThere are 4 types of tokens:
Payment tokens
Utility tokens
Security tokens
Non-fungible tokens
In credit card tokenization, an individual’s primary account number or PAN number gets replaced with a series of numbers which is called a token. These tokens get passed through the internet then or other process to make the payment possible without actual bank details getting revealed.
I hope this has helped you to know
what is tokenization payment clearly.
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What Is Tokenization Payment?
Abir
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2022-06-24T09:23:41+00:00 2022-06-24T09:23:43+00:00Comment
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