Tokenisation is a backend process of replacing credit/ debit/ prepaid card details with a unique set of characters or a 'token'.
With a day left before the Reserve Bank of India’s (RBI’s) tokenisation norms kick in, the system is relatively ready for the transition. There are still some chinks in its armour and teething troubles are expected.
Industry insiders say the success rate of token-based transactions is high, but inadequate testing of certain use-cases may result in some transactions not going through.
Card-issuing banks are communicating to their customers that come October 1, card details not tokenised on merchant applications (apps)/websites will be removed in line with the RBI mandate.
According to norms, sensitive customer information like complete card number, card
First Published: Sep 29 2022 | 8:32 PM IST