Categories: Banking

RBI extends card payment tokenisation facility to laptops, wearable devices

In 2019, RBI had permitted authorized card payment networks to offer card tokenisation services to any token requestor (i.e., third-party app provider) through mobile phones and tablets. Now RBI has extended the scope of tokenization to include consumer devices – laptops, desktops, wearables (wristwatches, bands, etc.), Internet of Things (IoT) devices, etc.

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The permission for tokenization extends to various channels [e.g., Near Field Communication (NFC) / Magnetic Secure Transmission (MST) based contactless transactions, in-app payments, QR code-based payments, etc.] or token storage mechanisms (cloud, secure element, trusted execution environment, etc. The ultimate responsibility for the card tokenization services rendered rests with the authorized card networks.

What is Tokenisation?

Tokenisation refers to the replacement of actual card details with a unique alternate code called the “token”, which shall be unique for a combination of card, token requestor, and device (referred hereafter as “identified device”).

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

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