August 26, 2021 3:43:30 am
The Reserve Bank of India has decided to extend the scope of tokenisation to include consumer devices – laptops, desktops, wearables (wrist watches and bands) and Internet of Things (IoT) devices.
The facility was available only for mobile phones and tablets of interested card holders. “On a review of the framework and keeping in view stakeholder feedback, it has been decided to extend the scope of tokenisation to include consumer devices – laptops, desktops, wearables (wrist watches and bands) and Internet of Things (IoT) devices. All other provisions of the circular will continue to be applicable,” the Reserve Bank said.
Tokenisation refers to replacement of actual card details with an alternate code called the “token”, which will be unique for a combination of card, token requestor (the entity which accepts request from the customer for tokenisation of a card and passes it on to the card network to issue a corresponding token) and device. A tokenised card transaction is considered safer as the actual card details are not shared with the merchant during transaction processing.
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