In today's digital age, transactions have become more convenient than ever before. But with this convenience comes a new set of risks, particularly when it comes to the sensitive information involved in card transactions. That's where card tokenization comes in-a cutting-edge technology that transforms the way we make payments. By replacing sensitive card data with a unique identifier or token, card tokenization has revolutionized the way we approach payment security. With its ability to protect against fraud and ensure the safety of sensitive information, card tokenization has become an indispensable tool in the world of commerce. Join me as we explore the fascinating world of card tokenization, and discover the inspiring ways it is transforming the way we make payments. |
FAQs
| Q: What is card Tokenisation?
A: Card Tokenization is the process of replacing sensitive card information, such as the card number, with a unique identifier or token. The token can then be used for transactions instead of the actual card number, reducing the risk of fraud and protecting the cardholder's sensitive information.
Tokenization is typically used in payment processing systems, where a payment gateway generates a token for a customer's card details and stores it securely in its database. When a customer makes a payment, the token is sent to the payment processor instead of the actual card number. The payment processor then uses the token to retrieve the card details from the payment gateway's database and processes the payment.
Tokenization helps to ensure that sensitive card data is not stored or transmitted in plain text, reducing the risk of theft or misuse. It also makes it easier for merchants to comply with industry regulations and standards, such as the Payment Card Industry Data Security Standard (PCI DSS).
*Starting from October 1st, 2022, as per the mandate of the Reserve Bank of India (RBI), merchants or payment aggregators/gateways are prohibited from storing any sensitive information related to cards, including actual card number, CVV, expiry date, and any other relevant data, for the purpose of processing online transactions.
| Q: Where can I utilise these tokens in a card transaction?
| Q: What benefits does tokenization offer?
| Q: What does card tokenization failure mean?
| Q: Are there any additional fees for using RBI card tokenization?
| Q: How do I know if my payment card information is being tokenized?
| Q: Who can use RBI card tokenization?
| Q: Is RBI card tokenization secure?
| Q: Is RBI card tokenization mandatory?
| Q: How can the tokenisation process be carried out?
| Q:What are the ways to manage tokenised cards?
| Q:Will tokenisation affect POS transactions at merchant outlets?
| Q: Can I opt-out of RBI card tokenization?
A: The option to opt-out of RBI card tokenization may vary by bank and payment card issuer. Customers should contact their bank or payment card issuer to determine if they have the option to opt-out of tokenization.