NPCI launches tokenisation of RuPay cards as safety measure
It will further enhance the safety of customers and provide a seamless shopping experience to them.
NPCI said the sensitive customer information will be stored in the form of an encrypted 'token' to help secure transactions, in accordance with RBI guidelines.
These tokens will allow payments to be processed without disclosing the customer details or allowing the payment intermediaries to store customer data that could breach security and privacy, it said.
With NTS, acquiring banks, aggregators, merchants and others can get themselves certified with NPCI and can play the role of the token requestor to help save the token reference number against all card numbers saved.
The fool-proof and transparent system will ensure that no customer-sensitive information is leaked. Tokenisation will also help in reducing the friction in the payment process by providing a faster check-out experience to the customers.
''The RBI's guidelines on card tokenization is to enhance the safety of the digital payments ecosystem in the country.
''We are confident that the NPCI Tokenization System (NTS) for the tokenization of RuPay cards will instill further trust in the millions of RuPay cardholders to carry out their day-to-day transactions securely,'' Kunal Kalawatia, chief of products, National Payments Corporation of India, said.
He hoped that the unique card-on-file tokenization solution will not only safeguard customers' confidential data but will also further strengthen the overall digital payments environment.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)