Visa, a digital payments platform, on Thursday launched its card-on-file (CoF) tokenisation services in India in line with the recently issued RBI guidelines.
Photo: Representational Image
Visa, a digital payments platform, on Thursday launched its card-on-file (CoF) tokenisation services in India in line with the recently issued RBI guidelines.
Card-on-file (CoF) tokenisation provides two key benefits — consumer and ecosystem security and an enhanced checkout experience, VISA said in a statement.
Launched in partnership with Juspay, the CoF tokenisation service is now available across e-commerce leaders such as Grofers, BigBasket and MakeMyTrip.
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The RBI’s recent CoF tokenisation guidelines mandate replacing the actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions.
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This devaluation of sensitive card details alleviates risk and reduces vulnerability of sensitive data, as only tokens are present in transit, across the ‘in-rest’ and ‘in-use’ phases, it said.
These new guidelines are expected to enhance consumer trust in e-commerce payments, ensure seamless transaction experience as well as allow card issuers the comfort of authorising a higher number of transactions, it added.
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