 "RBI Deputy Governor T Rabi Sankar")
The payments industry is “perfectly ready” for a smooth transition to token-based transactions from October 1, Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar said on Friday, based on the feedback from various stakeholders.
Tokenisation is a back-end process of replacing credit/debit/prepaid card details with a unique set of characters or ‘tokens’. This is expected to secure payments and enable future transactions without exposing sensitive card details like complete card number, card verification value (CVV), and date of expiry. The merchants will have to purge all details stored and apply tokenisation.
Roughly 350 million tokens have been created
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