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Card-on-file tokenisation
January 1 , 2024
199 days
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- The Reserve Bank of India (RBI) has now enabled card-on-file tokenisation (CoFT) through card issuing banks and institutions.
- It aims to enhance convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.
- The card details when stored with a merchant is known as card-on-file (CoF).
- This free availability of information was used to compromise the safety of financial data of users.
- RBI introduced the rule of tokenisation in Sep 2021 where instead of card details, a specially created token is saved with the merchant.
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