RBI Extends Card-On-File Tokenisation Scope To Include Card Issuing Banks

RBI Extends Card-On-File Tokenisation Scope To Include Card Issuing Banks

SUMMARY

Formerly limited to merchant applications or websites, individuals can now conveniently tokenise their cards via internet and mobile banking services

RBI has now enabled card-on-file tokenisation through card issuing banks and institutions

The card issuer will need to provide a complete list of merchants for whom it can provide tokenisation services

The Reserve Bank of India (RBI) has expanded the scope of card tokenisation for both debit and credit cards. Formerly limited to merchant applications or websites, individuals can now tokenise their cards via internet and mobile banking services.

In an effort to make digital payments more secure, safe and sound, RBI has now enabled card-on-file tokenisation (CoFT) through card issuing banks and institutions.

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