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RBI has started card tokenization at bank level also, you will be able to make payment without entering details, know the whole thing

State Bank of India (SBI) on Wednesday launched the card tokenization facility ‘Card-on-File’ (COF) token facility at the level of banks and other institutions. With the help of this new facility, customers will be able to create a token of their debit or credit card and attach it to their account on different online portals (e-commerce) or apps. According to Bhasha news, let us tell you, before now COF token could be generated only through the seller’s app or webpage.

Will be able to make payment without giving real card details

According to the news, while making online payment with the help of COF token, payment can be made without giving the real details of the card. With the implementation of the system of card tokenization, customers will be protected from data theft and financial fraud. The Reserve Bank of India (RBI) said in a circular that COF tokens can be minted directly through card issuing banks/institutions. This will give cardholders the additional option to tokenize their cards for multiple vendors at once.

It is not necessary to get the card tokenized

In the COF token, the real card details such as the 16-digit number, credit or debit card expiry date and CVV number will be replaced by a virtual code. It is not necessary for cardholders to get their cards tokenised, but it is a secure way to transact online as there is no need to share card details.

According to RBI, the actual card data, token and other relevant details are stored in a secure mode by the token service provider. The token requester cannot store PAN, card number, or any other card details. It is also necessary to authenticate those requesting the token for the safety and security of the card network. Customers have the option to set and modify transaction limits per transaction and per day for tokenized card transactions.

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