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Banks, merchants push for card tokenisation
June 06, 2022
So far, large merchants including Uber, Swiggy, and MakeMyTrip have gone live, and are allowing customers to tokenise their cards. Flipkart, Amazon, Myntra, Nykaa, and GoIbibo among others are in the final stages of integrations and are expected to start the process of tokenising consumer cards in the coming weeks.
Tokenisation is a process by which card details are replaced by a unique code or token, allowing online purchases to go through without uncovering sensitive details. According to the Reserve Bank of India’s latest diktat, all traders should delete customer debit card and credit card data at the latest June 30 and replace card payments with unique tokens for all online, point-of-sale, and in-application transactions.
“We have begun sending out customer communication, indicating what all must be done to tokenise cards. We are ready with the process and are meeting all regulatory guidelines,” said a senior banker with a private sector lender.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/