New Delhi. Digital payment is expanding rapidly in the country. At the same time, to promote the security of card details, the National Payments Corporation of India (NPCI) on Wednesday announced the launch of a tokenization system for RuPay cards.
No need to provide card details for shopping
In a statement issued by NPCI, it has been said that the NPCI Tokenization System (NTS) will be in the form of an option to store the card details with the merchant. This will increase the security of the users’ card and they will get a better shopping experience.
National Payments Corporation of India (NPCI) launches NPCI Tokenization System (NTS) to support tokenization of cards as an alternate to storing card details with merchants.
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— NPCI (@NPCI_NPCI) October 20, 2021
Payment will be done by token
The statement also said that sensitive information of customers will be stored in the form of encrypted ‘tokens’ to help secure transactions as per RBI guidelines. These tokens will allow payment to be made without disclosing customer details. Explain that in the recent COF tokenization guidelines of RBI, it is mandatory to replace the original card data with encrypted digital token.
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Recently Visa launched card-on-file tokenization
Recently, global payment technology company Visa (VISA) launched Card-on-File tokenization service in India. It has been started in partnership with Juspay. According to industry experts, this reduces the risk of sensitive card details as only tokens are present in the ‘in-rest’ and ‘in-use’ phases in transit.
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Orignally published at Tailored Stash
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