Mumbai, Oct 6 The RBI on Friday said that it has decided to introduce Card-on-File (CoF) token creation facilities directly at the issuer bank level.
“This measure will enhance convenience for cardholders to get tokens created and linked to their existing accounts with various ecommerce applications. Instructions in this regard will be issued separately,” the RBI said in a statement.
At present, Card-on-File(CoF) token can only be created through a merchant’s application or webpage.
RBI introduced Card-on-File Tokenisation (CoFT) in September 2021 and began its implementation from October 1, 2022.
So far, over 56 crore tokens have been created on which transactions with a value of over Rs 5 lakh crore have been undertaken.
Tokenisation has improved transaction security and transaction approval rate, the RBI said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor