Digital payments: Visa provisions over 160 million CoF tokens in India1 min read 27 Sep 2022, 12:39 PM IST
RBI’s CoF tokenisation guidelines mandate the replacing of actual card data with encrypted digital tokens to ensure seamless transactions and give card issuers the confidence to authorise a higher number of transactions as compared to non-tokenised cards
NEW DELHI: Visa, the global leader in digital payments, on Tuesday announced its successful provisioning of more than 160 million CoF (card-on-file) tokens in India. This achievement comes on the back of 100 million token provisions that Visa announced in June. This milestone has been achieved in line with Reserve Bank of India’s guidelines on CoF tokenisation while focusing on key benefits such as an improved payment success rate compared to non-tokenised cards, consumer and ecosystem security, and an enhanced checkout experience.