HomeNews#cardTokenisation: You don’t have to memorize 16-digit card numbers. New RBI rules here
#cardTokenisation: You don’t have to memorize 16-digit card numbers. New RBI rules here
September 9, 2021
The Reserve Bank of India has enhanced the guidelines on card tokenisation services in order to ensure that the consumers are least susceptible to frauds and their card transactions remain secure.
When you use your card, debit or credit, for a transaction, the execution of the transaction is based on information like the 16-digit card number, the card expiry date, the CVV as well as the one-time password or transaction PIN. In fact, a transaction is successful only if all of these variables are entered correctly for a specific transaction.
RBI had last month had extended the scope of ‘tokenisation’ card payment services to several consumer devices including laptops, desktops, wearables like wristwatches, bands and Internet of Things, in addition to mobile phones and tablets.