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NPCI partners with brands for tokenization facility on RuPay card

December 17, 2021

NPCI partners with brands for tokenization facility on RuPay card

The NPCI has partnered with brands and aggregators such as Bigbasket, Goibibo, Makemytrip, Jiopay, Paytm and PhonePe to introduce tokenization facility for RuPay card users to enhance online transaction security.
The facility will be helped by the recently launched NPCI tokenization system. Tokenization will allow seamless and convenient transaction experience with heightened data security.

NPCI is the umbrella organization for operating retail payments and settlement systems in India.

This facility will help millions of customers maintain the safety of their card financial data for online transactions, as their RuPay card details will now be completely secure in a secure vault within NTS, NPCI said.

Based on the set of guidelines that have been mandated by RBI, customer information is to be stored in the form of an encrypted token to help secure transactions. These tokens will allow payments to be processed without disclosing the client details or allowing the payment intermediaries to store customer data that could breach security and privacy.

With NTS, these brands can now save the token reference number against all existing stored card numbers, which enhance security and further strengthen the digital payments environment in the nation, in line with RBI vision.

Important Links:

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Tags:

BigBasketBusinessCurrent AffairsNPCIRuPay Cardtokenization

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