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RBI Extends Scope Of Permitted Devices For Undertaking Tokenised Card Transactions

Capital Market 

The Reserve Bank of India has extended the scope of permitted devices for undertaking tokenised card transactions to include consumer devices such as laptops, desktops, wearables (wrist watches, bands, etc.), and Internet of Things (IoT) devices. In an update yesterday, the RBI provided reference to its circular DPSS. CO. PD No.1463/02.14.003/2018-19 dated January 08, 2019 on Tokenisation - Card transactions, permitting authorised card networks to offer card tokenisation services to any token requestor, subject to the conditions listed therein.

The facility was available only for mobile phones and tablets of interested card holders. There has been an uptake in the volume of tokenised card transactions during the recent months. On a review of the framework and keeping in view stakeholder feedback, it has been decided to extend the scope of tokenisation to include consumer devices - laptops, desktops, wearables (wrist watches, bands, etc.), Internet of Things (IoT) devices, etc. All other provisions of the circular referred to above shall continue to be applicable. This initiative is expected to make card transactions more safe, secure and convenient for the users.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, August 26 2021. 11:24 IST
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