Cards

Roughly 350 million tokens have been created so far, Rabi Sankar said in the post-monetary policy press conference.

About 35 crore cards have been tokenised and the system is ready for the new norms which set in from October 1, the Reserve Bank said on Friday. There are a few laggards in the system who have not complied with the mandate because of their unwillingness, Deputy Governor T Rabi Sankar said, expecting them to comply soon. The RBI is making tokenisation of cards mandatory from October 1 onwards in order to improve customer safety. Tokenisation entails replacing credit and debit card details with an alternate code called the token to improve security. The RBI has been repeatedly extending the deadline for its adoption. "...the system is ready. Roughly 35 crore tokens have already been created," Sankar said, when asked if there will be another extension of the deadline. He said about 40 per cent of the overall transactions in September were on tokens and the value transacted was Rs 63 crore. As per official data, the total number of debit and credit cards in the system stands at over 1

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

The company has tokenized 52.3 million cards across VISA, Mastercard and RuPay in its effort to make card transactions safer and drive convenience for consumers.

Besides the merchandise, Archies is also seeking to shift focus online with its e-commerce platform

The landmark has been achieved in line with RBI's guidelines focusing on security and enhanced checkout experience, said Visa

The RBI had directed the merchants to implement its tokenisation norms by June 30, 2022. The central bank has twice extended the deadline of its implementation in the past.

Merchants and other entities that have stored card details of customers will have to purge the data and apply tokenisation

Digital financial services firm One97 Communication Limited, has tokenised 28 million cards across Visa, Mastercard and RuPay, expects to purge saved card data by June 30, the company said

Service announced in line with central bank's new data security guidelines coming into effect from January 1

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Tokenisation is used in online transactions where the actual card details keyed in are replaced by random digits

Some countries have already quarantined cash, while others like South Korea, have burnt, or high-heat laundered their notes

Incidentally, the payments platforms as of now do not charge a commission on e-wallets

While the acceptance of cards, mobile wallets and banking apps is increasing, only 10% of transactions take place through them