Paytm tokenized more than 52 million cards of VISA, Mastercard and Rupay, RBI ordered
Paytm: The One97 Communications brand has announced that the company has now tokenized over 93 percent of monthly active cards on their application. In an effort to make card transactions secure and provide convenience for consumers, the company has tokenized 52.3 million cards across Visa, MasterCard and RuPay.
A Paytm spokesperson said, “We have made great strides in card-on-file tokenization, with over 93 percent of monthly active cards being tokenized on the Paytm app. We are associated with the RBI’s initiative to make it safer for us.”
RBI had ordered
With this, the company has made significant strides in the Card-on-File tokenization initiative by the Reserve Bank of India (RBI). The company is on track to meet the RBI deadline to purge the saved card data before the RBI deadline. RBI’s card-on-file tokenization mandate requires all online platforms to comply with the new initiative and make digital payments secure for citizens. As per RBI guidelines, all online merchant/ecommerce stores will have to comply with the card-on-file tokenization feature by September 30.
What is Unique Token?
This token will be issued by RBI. In this, all the options related to your payment will be given. The actual card details have to be changed through a unique code. The RBI has taken this step in view of the increasing incidence of banking frauds. With this move, transactions done through credit and debit cards will be more secure than before. This is because the actual details of your credit and debit cards will not go to the merchant at the time of the transaction, but a number. This would make it difficult to cheat.
How do you convert your card into a token? Understand with these 6 steps
RBI has said in a tweet that how can a common citizen convert his card into a unique token? For that RBI has given 6 steps. Let us know what are those steps?
- Step 1: ‘Get Started’ (Visit any e-commercial merchant website or application to make purchases and initiate payment transactions.)
- Step 2: ‘Select Your Card’ (During check out, enter your debit, credit card details saved earlier as payment method.)
- Step 3: ‘Secure your card’ (Select the option ‘Secure your card as per RBI guidelines’ or ‘Tokenize your card as per RBI guidelines’.)
- Step 4: ‘Give consent to generate token’ (Enter the OTP sent by your bank to your mobile phone or email and proceed.)
- Step 5: ‘Generate Token’ (Your token has been generated and the information provided by you has been saved.)
- Step 6: ‘Tokenized’ (When you visit the same website or application again, the details of the card you have saved will be available where you will see the last four digits of your card. With this help you can easily get there Tokenized payments can be made.)
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