Card Tokenization-பாதுகாப்பான பேமென்ட் #banking #cardtokenization #digitalpayment #rbi #india

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Издатель Sep 2, 2024

#safepayment #visa #mastercard #rupaycard #token #otp #reservebankofindia #personalfinance #finance

Many of us make online payment for goods and services purchased by us from e-commerce platforms, through our credit cards.

Earlier to 2019, when we made payments, our card particulars used to get stored in the e-commerce platforms (e.g. Flipkart, Amazon, etc.).

This was a risk to us because if any of the e-commerce platforms were to be hacked, our card particulars could have been stolen.

RBI, in January 2019 came out with a notification advising card networks that card tokenization should be introduced for all debit and cards.

URL of RBI notification is as under:
https://website.rbi.org.in/en/web/rbi/-/notifications/tokenisation-card-transactions-11449

Card particulars are tokenized with the permission of card holder. E-commerce platform gets a token (sent by card network-Visa, Master Card, RuPay). The token is a random number and not the card number.

When the card holder wants to make payment again, the card holder does not have to enter his card particulars again.

The e-commerce platform contacts the card network for the particular payment.
Card network will send OTP to the customer through his bank (example Master Card will send a secured code-OTP through HDFC Bank which is card issuing bank).

As the card networks have also introduced CVV free payments, in case of tokenized cards, many times, CVV is also not asked. Only OTP is required to authenticate the transaction.

After keying the OTP by the customer, transaction is completed.

Card holder can save multiple cards (debit and credit cards) with multiple e-commerce platforms. Tokens will be separately created and stored for the purpose.

Tokenization is a safe and secure method of making online payment.