RBI proposes card-on-file tokenisation for debit and credit cards: What this means for online shoppers

The Reserve Bank of India (RBI) governor, Shaktikanta Das, has proposed the introduction of card-on-file tokenisation (CoFT) at the issuer-bank level. This move aims to enhance data security and give customers greater control over managing their card tokens. Under the current system, cardholders have to create different tokens for each merchant, which can be time-consuming. With CoFT, tokens will be created at the issuer bank level and linked to the user's existing accounts, reducing the risk of fraud. Tokenisation replaces a card's 16-digit number with a unique token, improving transaction security.

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