Card payments set to be more secure with RBI’s token rule
Card tokenisation services will add another layer of security to your card transactions
Tokenisation will not lead to any significant change in the way you transact digitally
If you have switched many of your transactions to non-cash modes in the last few years, you are not alone. More and more retail investors are switching to non-cash modes—for both person-to-person transfers and person-to-merchant transactions. In the current financial year alone, the number of credit card transactions at points of sale (PoS) has gone up from 132.32 million in April to 145.85 million in November 2018, according to the latest Reserve Bank of India data. For debit cards, the volume is up from 333.77 million in April to 376.57 million in November. Volumes have increased for other modes of retail transactions, such as mobile wallets or UPI (Unified Payments Interface), as well.