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.